# The Overseas Life Insurance Companies Regulations 2006, Regulation 22: Modifications of the Finance Act 1989


(1) Modify section 83 (receipts to be taken into account) as follows.
(2) In subsection (2)(a) and (d) after “income” insert—
“so far as such income falls to be attributed, for the purposes of section 11AA(2) of the Taxes Act 1988, to the permanent establishment in the United Kingdom through which the company carries on life assurance business”.
(3) In subsection (3)—
(a) for “assets are added to the company’s long-term insurance fund” substitute—
“assets become assets of the long-term insurance fund used or held for the purposes of the company’s United Kingdom permanent establishment, having immediately previously been held by the company otherwise than as assets of that fund or used or held otherwise than for those purposes”, and
(b) after “amount” insert “equal to the value of the assets added”.
(4) In subsection (6)—
(a) in paragraph (a) at the end insert “or”, and
(b) omit paragraph (b).
(5) In subsection (8) after the definition of “add” insert—
““assets” means those assets that fall to be attributed, for the purposes of section 11AA(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business;”.

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Source: https://www.legislation.gov.uk/uksi/2006/3271/regulation/22 (the official version)
Page: https://openlegislation.uk/overseas-life-insurance-companies-regulations-2006/regulation-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.