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Finance Act 2012

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This is the original version (as it was originally enacted).

141Index of defined terms, etc

This section has no associated Explanatory Notes

(1)In this Part the following expressions are defined or otherwise explained by the provisions indicated—

ExpressionWhere explained
basic life assurance and general annuity business (abbreviated to “BLAGAB”)sections 57 and 67(5)
BLAGAB trade losssection 136
BLAGAB trade profitsection 136
closingsection 139(1)
contract of insurancesection 64
contract of long-term insurancesection 64
debiting or crediting an amount in accounts drawn up by a companysection 139(2) and (3)
derivative contractsection 139(1)
excess BLAGAB expensessection 73
fair valuesection 139(1)
HMRC Commissionerssection 139(1)
I - E profitsection 73
the I - E rulessection 70(1) and (2)
insurance business transfer schemesection 139(1)
insurance companysection 65
insurance special purpose vehiclesection 139(1)
liabilitiessection 139(1)
life assurance businesssection 56
long-term businesssection 63(1)
long-term business fixed capitalsection 137
matched (in case of assets matched to a BLAGAB liability or other long-term business liability)section 138
non-BLAGAB long-term businesssections 66 and 67
non-taxable distributionssection 94(4) and (5)
overseas life insurance companysection 139(1)
PHI businesssection 63(2)
re-insurancesection 139(1)
UK life insurance companysection 139(1)
with-profits fundsection 139(1)

(2)The expressions in the above table have the same meaning in any other provision of the Corporation Tax Acts that makes special provision in relation to—

(a)insurance companies,

(b)any category of life assurance business carried on by insurance companies, or

(c)long-term business carried on by insurance companies.

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