# The Overseas Life Insurance Companies Regulations 2006, Regulation 13: Modifications of the Income and Corporation Taxes Act


In section 440B (modifications where tax charged under Case I of Schedule D)—
(a) for subsection (3) substitute—
“(3) Section 440(1) and (2) have effect as if the only categories specified in subsection (4) of that section were—
(a) UK assets of the long-term insurance fund,
(b) other UK assets, and
(c) assets of the company which are not UK assets,
and UK assets has the meaning given by section 440(7).”, and
(b) for subsection (4) substitute—
“(4) Section 440A applies as if for paragraphs (a) to (e) of subsection (2) there were substituted—
“(a) so many of the UK securities as are identified in the company’s records as securities by reference to the value of which there are to be determined benefits provided for under policies or contracts the effecting of all (or all but an insignificant proportion) of which constitutes the carrying on of long-term business, shall be treated for the purposes of corporation tax as a separate holding linked solely to that business,
(b) any remaining UK securities shall be treated for those purposes as a separate holding which is not of the description mentioned in the preceding paragraph, and
(c) the non-UK securities shall be treated for those purposes as a separate holding which is not of any of the descriptions mentioned in the preceding paragraphs.”.”

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Source: https://www.legislation.gov.uk/uksi/2006/3271/regulation/13 (the official version)
Page: https://openlegislation.uk/overseas-life-insurance-companies-regulations-2006/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.