{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-171C",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-171C.json",
  "legislation": "ukpga/1992/12",
  "legislation_title": "Taxation of Chargeable Gains Act 1992",
  "legislation_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992",
  "path": "section/171C",
  "kind": "section",
  "number": "171C",
  "heading": "Elections under section 171A: insurance companies",
  "text": "(1) This section applies where —\n(a) an election is made under section 171A in relation to a gain or loss, and\n(b) company B is an insurance company.\n(2) For the purposes of section 171A(1)(c), section 118 of the Finance Act 2012 (disposals of certain assets by and to insurance companies to fall outside the rule in section 171) is to be disregarded.\n(3) Subsection (2) does not apply if—\n(a) company A is an insurance company, and\n(b) the gain or loss arose in respect of the disposal of an asset that, immediately before the disposal, was held for the purposes of the company's long-term business.\n(4) The chargeable gain or allowable loss treated as accruing to company B as a result of the election is to be treated for the purposes of section 210A (ring-fencing of losses) as a non-BLAGAB chargeable gain or (as the case may be) a non-BLAGAB allowable loss.\n(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Ss. 171A-171C substituted for s. 171A (with effect in accordance with Sch. 12 para. 5 of the amending Act) by Finance Act 2009 (c. 10), Sch. 12 para. 1"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 171C(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 77(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 171C(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 77(3)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 171C(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 77(4)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "S. 171C(5) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 77(5)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 171A-171C modified (with effect in accordance with s. 1184(1) of the affecting Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/section/171C",
    "retrieved_at": "2026-10-29T09:36:15.270072+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}