Paragraph 7A Overseas life insurance companiesF1F2
Paragraph 6 does not apply if—
the person making the disposal (“D”) is an overseas life insurance company or would be such a company if it were carrying on its life assurance business in the United Kingdom through a permanent establishment there,
immediately before the disposal, no more than 40% of the market value of D’s assets derives from investments consisting of—
interests in UK land, or
rights or interests in companies which are UK property rich,
the asset disposed of is a right or interest in a collective investment vehicle that is a company (whether as a result of paragraph 4 or otherwise) and is UK property rich, and
immediately before the disposal, D does not have a 10% investment in that vehicle.
D has a 10% investment in a collective investment vehicle if, applying the rule in paragraph 9 (but without regard to paragraph 10) of Schedule 1A as if references to 25% were references to 10%, D would be regarded as having a 10% investment in the vehicle.
Annotations
Textual amendments
- F1
Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21
- F2
Sch. 5AAA paras. 7A, 7B inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 6