Article 71 Application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc.I1

In paragraph 18(3) of Schedule A1 (application of taper relief: special rules for assets acquired in the reconstruction of mutual businesses etc.)^f1 for the definition of “insurance company” substitute—

• ““insurance company” means an undertaking carrying on the business of effecting or carrying out contracts of insurance and, for the purposes of this definition, “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”.

This Article has effect for the purposes of determining whether, at any time on or after 1st December 2001, a company is a mutual company within the meaning of paragraph 18 of Schedule A1 to the Taxation of Chargeable Gains Act 1992.