# Taxation of Chargeable Gains Act 1992, Paragraph 17

Extent: E+W+S+N.I.

(1) In the following two cases paragraph 8(1) (meaning of substantial shareholding) has effect as if, in paragraphs (a), (b) and (c), “30%" were substituted for “10%".
(2) The first case is where the investing company is an insurance company and the disposal is of an asset held by it for the purposes of its long-term business.
(3) The second case is where—
(a) the investing company is a 51% subsidiary of an insurance company, and
(b) the insurance company holds as an asset for the purposes of its long-term business shares or an interest in shares—
(i) in the investing company, or
(ii) in another company through which it owns shares in the investing company.
The reference in paragraph (b)(ii) to owning shares through another company has the same meaning as in Chapter 3 of Part 24 of CTA 2010 (subsidiaries).
(4) Where the investing company is a member of a group that includes an insurance company, paragraph 9 (aggregation of holdings of group companies) does not apply in relation to shares or an interest in shares held by the insurance company for the purposes of its long-term business.
(4A) The reference in sub-paragraph (2) to an asset held by the investing company for the purposes of its long-term business, and the references in sub-paragraphs (3) and (4) to shares or an interest in shares held for the purposes of its long-term business, do not include an asset or assets which formed part of the long-term business fixed capital of the company in question.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/7AC/paragraph/17 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-7AC/paragraph-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.