Paragraph 1

United Kingdom

(1)

In their application to a BLAGAB group reinsurer the life assurance provisions of the Corporation Tax Acts shall have effect with the following modifications.

(2)

In this paragraph “BLAGAB group reinsurer” means an insurance special purpose vehicle which—

(a)

would fall within the definition of “insurance company” in section 431 if the words after paragraph (b) of the definition were disregarded, and

(b)

meets the BLAGAB group reinsurer conditions.

(3)

For the purposes of sub-paragraph (2), an insurance special purpose vehicle meets the BLAGAB group reinsurance conditions if—

(a)

it carries on basic life assurance and general annuity business,

(b)

all of its life assurance business is reinsurance business and that business is of a type excluded from section 431G(3) by regulations made by the Board, and

(c)

section 431G(3)(b) does not apply.

Notes on Schedule 19ABA

Textual amendments

F1: Sch. 19ABA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 46 (with Sch. 17)
F2: Sch. 19ABA inserted (27.12.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Taxation of Reinsurance Business) (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/3430), arts. 1(1), 3(3)