Paragraph 9 I1

United Kingdom

The circumstances described in this paragraph are where the aggregate amount of connected gains F1in the tax year exceeds one half of the basic rate limit F2that tax year and, for the purposes of this paragraph, a gain is connected with another gain where–

(a)

both gains arise in connection with policies or contracts containing obligations which, immediately before the relevant event in question, were obligations of the same overseas insurer;

(b)

the policy holder of those policies and contracts is the same; and

F3(c)

both gains arise in the same tax year.

Annotations

Textual amendments

F1: Words in Sch. para. 9 substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(a)
F2: Words in Sch. para. 9 substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(b)
F3: Sch. para. 9(c) substituted (27.10.2008) by The Overseas Insurers (Tax Representatives) (Amendment) Regulations 2008 (S.I. 2008/2626), regs. 1, 7(9)(c)

Commencement

I1: Sch. para. 9 in force at 6.4.1999, see reg. 1