# Finance Act 1993, Paragraph 3

Extent: E+W+S+N.I.

(1) For the purposes of paragraph 2 above a company holds currency in exempt circumstances at a given time if—
(a) the purposes for which it then holds the currency are or include any of the purposes mentioned in sub-paragraph (2) below,
(b) it is a housing association approved at that time for the purposes of section 488 of the Taxes Act 1988, or
(c) it is a self-build society approved at that time for the purposes of section 489 of that Act.
(2) The purposes referred to in sub-paragraph (1)(a) above are—
(a) the purposes of long-term insurance business;
(b) the purposes of mutual insurance business;
(c) the purposes of the occupation of commercial woodlands.
(3) In this paragraph—
“long-term insurance business” means business which consists of the effecting or carrying out of contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
“commercial woodlands” means woodlands in the United Kingdom which are managed on a commercial basis and with a view to the realisation of profits.

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Source: https://www.legislation.gov.uk/ukpga/1993/34/schedule/17/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-1993/schedule-17/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.