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Taxation of Chargeable Gains Act 1992

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Devaluation of sterling: foreign insurance funds

14(1)The sums allowable as a deduction under section 38(1)(a) in computing any gains to which this paragraph applies shall be increased by multiplying by seven-sixths.

(2)This paragraph applies to gains accruing—

(a)to any underwriting member of Lloyd's, or

(b)to any company engaged in the business of marine protection and indemnity insurance on a mutual basis,

on the disposal by that person after 18th November 1967 of any foreign securities which on that date formed part of a trust fund—

(i)established by that person in any country or territory outside the United Kingdom, and

(ii)representing premiums received in the course of that person’s business, and

(iii)wholly or mainly used for the purpose of meeting liabilities arising in that country or territory in respect of that business.

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