Regulation 6 I1

After section 57 of FA 2012 (meaning of basic life assurance and general annuity business) there is treated as inserted—

“Section 57: meaning of “tax exempt business”

57A

In this Part “tax exempt business” means business in respect of which an insurance company or a friendly society is exempt from corporation tax on its profits by virtue of—

(a)

section 153 (exemption for certain BLAGAB or eligible PHI business),

(b)

section 158 (transfers from friendly societies to insurance companies etc),

(c)

section 164 (societies registered before 1 June 1973, etc),

(d)

section 165 (incorporated friendly societies),

(e)

section 166 (transfers from friendly societies etc),

(f)

section 167 (transfers between friendly societies).”.