{
  "url": "https://openlegislation.uk/exchange-gains-and-losses-insurance-companies-amendment-regulations-1996/regulation-3",
  "json_url": "https://openlegislation.uk/exchange-gains-and-losses-insurance-companies-amendment-regulations-1996/regulation-3.json",
  "legislation": "uksi/1996/673",
  "legislation_title": "The Exchange Gains and Losses (Insurance Companies) (Amendment) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/exchange-gains-and-losses-insurance-companies-amendment-regulations-1996",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": null,
  "text": "For paragraph (3) of regulation 1 of the principal Regulations there shall be substituted—\n“(3) In these Regulations unless the context otherwise requires—\n“basic valuation” shall be construed in accordance with section 159(1) of the 1993 Act;\n“loan relationship” shall be construed in accordance with the Corporation Tax Acts, except that a relationship shall not be a loan relationship where the profits or gains chargeable to tax under Case III of Schedule D which arise from the relationship are confined to interest;\n“new holding” and “original shares” have the meanings given by section 126(1) of the 1992 Act;\n“regulation 7 asset” shall be construed in accordance with regulation 7(1);\n“the Taxes Act” means the Income and Corporation Taxes Act 1988;\n“the 1992 Act” means the Taxation of Chargeable Gains Act 1992;\n“the 1993 Act” means the Finance Act 1993.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1988 c. 1."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1992 c. 12."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/673/regulation/3",
    "retrieved_at": "2026-10-29T12:48:56.458822+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}