# The Overseas Life Insurance Companies Regulations 2004, Regulation 7: Modifications to the Taxation of Chargeable Gains Act 1992


(1) In its application to an overseas life insurance company the Taxation of Chargeable Gains Act 1992 has effect with the following modifications.
(2) In Schedule 7B —
(a) in paragraph 1 omit the words from “; and” to the end of the paragraph;
(b) after paragraph 1 insert —
“1A. In section 10B(1)(b) the words “situated in the United Kingdom and” are omitted.”;
(c) omit paragraphs 2, 3, 4, 5, 6, 6A, 6B and 7A;
(d) for paragraph 8 substitute —
“8. In section 185(4) —
(a) in paragraph (a), omit “are situated in the United Kingdom and”;
(b) in paragraph (b), omit “are so situated and”.”;
(e) omit paragraph 9;
(f) omit paragraph 9A;
(g) in paragraph 10 —
(i) in sub-paragraph (1), for the subsection (5A) treated as inserted into section 212, substitute –
“(5A) In its application to an overseas life insurance company, this section shall have effect as if the references in subsections (1) and (2) to assets were to such of the assets concerned as fall to be attributed, for the purposes of section 11AA(2) of the Taxes Act, to the permanent establishment in the United Kingdom through which the company carries on life assurance business.”;
(ii) omit sub-paragraph (2);
(h) in paragraph 11 —
(i) in sub-paragraph (1), in the words treated as inserted in section 213(4), for “branch or agency” substitute “permanent establishment”;
(ii) omit sub-paragraph (1A);
(i) omit paragraphs 12 and 13;
(j) omit paragraph 14;
(k) in paragraph 15 —
(i) omit sub-paragraph (1);
(ii) in sub-paragraph (2), for “In that paragraph” substitute “In Schedule 7A, in paragraph 1”;
(l) omit paragraph 16.

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Source: https://www.legislation.gov.uk/uksi/2004/2200/regulation/7 (the official version)
Page: https://openlegislation.uk/overseas-life-insurance-companies-regulations-2004/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.