# The Exchange Gains and Losses (Insurance Companies) (Amendment) Regulations 1996, Regulation 3


For paragraph (3) of regulation 1 of the principal Regulations there shall be substituted—
“(3) In these Regulations unless the context otherwise requires—
“basic valuation” shall be construed in accordance with section 159(1) of the 1993 Act;
“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;
“new holding” and “original shares” have the meanings given by section 126(1) of the 1992 Act;
“regulation 7 asset” shall be construed in accordance with regulation 7(1);
“the Taxes Act” means the Income and Corporation Taxes Act 1988;
“the 1992 Act” means the Taxation of Chargeable Gains Act 1992;
“the 1993 Act” means the Finance Act 1993.”

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Source: https://www.legislation.gov.uk/uksi/1996/673/regulation/3 (the official version)
Page: https://openlegislation.uk/exchange-gains-and-losses-insurance-companies-amendment-regulations-1996/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.