# Finance Act 2007, Paragraph 8


(1) In section 431(2) of ICTA (interpretative provisions relating to insurance companies) insert at the appropriate place—
““non-profit company”, in relation to a period of account, means a company carrying on long-term business where, at the end of the period—
(a) none of the liabilities of that business, or
(b) none but an insignificant proportion of those liabilities,
are with-profits liabilities;”,
““non-profit fund” means a fund that is not a with-profits fund;”, and
““with-profits fund” has the meaning given by the Prudential Sourcebook (Insurers);”.
(2) Omit—
(a) in section 432YA(5) of ICTA, the definitions of “non-profit company” and “non-profit fund”,
(b) section 82D(5) of FA 1989,
(c) in section 83YA of that Act, subsection (8) and, in subsection (11), the definition of “with-profits fund”, and
(d) in section 83A of that Act, in subsections (2)(b) and (3D)(b) “(see subsection (6))” and subsection (6).

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Source: https://www.legislation.gov.uk/ukpga/2007/11/schedule/10/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-2007/schedule-10/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.