The Overseas Life Assurance Fund (Amendment) Order 2000

Amendments to Schedule 19AA

4.—(1) Amend paragraph 5(1) of Schedule 19AA as follows.

(2) In sub-paragraph (5)—

(a) in paragraph (b) for “liabilities” substitute “non-linked liabilities ”;

(b) for paragraphs (c) to (g) substitute—

“(c) assets, other than land in the United Kingdom, which—

(i) are shown in the books of the company as being held as assets of a fund where all, or all but an insignificant part, of the liabilities of the fund are in respect of overseas life assurance business carried on by the company at or through a branch or agency outside the United Kingdom; or

(ii) are managed under the control of a person whose normal place of work is at a branch or agency outside the United Kingdom at or through which the company carries on overseas life assurance business;

(d) assets other than land in the United Kingdom;

(e) land in the United Kingdom;”.

(3) After sub-paragraph (6) insert—

“(6A) For the purposes of sub-paragraph (5)(b) above “non-linked liabilities” means liabilities other than liabilities in respect of benefits to be determined by reference to the value of linked assets.”

(4) Omit sub-paragraph (7).

(1)

Amended by S.I. 1994/3278, Article 5, paragraph 8 of Schedule 8 to the Finance Act 1995, and paragraph 4 of Schedule 28 to the Finance Act 1996 (c. 8).