# The Insurance Companies and CFCs (Avoidance of Double Charge) Regulations 2012, Regulation 2: Introduction


(1) These Regulations apply in any case where—
(a) an insurance company to which the I-E rules apply is deemed to make a disposal under section 212 of the Taxation of Chargeable Gains Act 1992 (annual deemed disposal of holdings of unit trusts etc) of an interest in an offshore fund,
(b) the offshore fund is a CFC, and
(c) there is (or, but for these Regulations, would be) a CFC charge on the company referable to its relevant interest in the CFC for the accounting period in which the disposal is deemed to have been made.
(2) These Regulations modify the operation of—
(a) the CFC rules (see regulations 3 to 5), and
(b) section 212 of the Taxation of Chargeable Gains Act 1992 (see regulation 6).
(3) In these Regulations—
“principal CFC” means the CFC referred to in paragraph (1);
“associated CFC” means an offshore fund which is a CFC in which the insurance company has an indirect interest by virtue of having an interest in the principal CFC.

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Source: https://www.legislation.gov.uk/uksi/2012/3044/regulation/2 (the official version)
Page: https://openlegislation.uk/insurance-companies-and-cfcs-avoidance-of-double-charge-regulations-2012/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.