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The Insurance Companies (Taxation of Re-insurance Business) Regulations 2018

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Excluded business: overseas companies

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6.—(1) Life assurance business being re-insured is “excluded business” where conditions 1 and 2 are satisfied.

(2) Condition 1 is satisfied where the cedant—

(a)is resident outside of the UK;

(b)does not have a permanent establishment situated in the UK; and

(c)is not within the charge to corporation tax by virtue of section 5(2) of the Corporation Tax Act 2009 in respect of the business being re-insured.

(3) Condition 2 is satisfied where the business being re-insured—

(a)is not overseas life assurance business(1) in the hands of the cedant; and

(b)is business where the benefits provided for under each policy or contract are determined by reference to the value of matched assets(2) which consist wholly or substantially of land in the United Kingdom.

(4) In paragraph (3)(b), “land” includes—

(a)buildings and other structures;

(b)land covered with water;

(c)any estate, interest, easement, servitude, right or licence in or over land.

(1)

See section 61(2) and (3) of the Act.

(2)

For the definition of “matched” in relation to assets, see section 138 of the Act.

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