Part 4

Savings and investment income
Chapter 9

Gains from contracts for life insurance etc.

Supplementary

Minor definitions
545
1
In this Chapter—
...
- “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544),
- “friendly society” has the meaning given in the Friendly Societies Act 1992 (c. 40) and includes a society which under section 96(2) of that Act is to be treated as a registered friendly society,
- “insurance company” means an undertaking carrying on the business of effecting or carrying out contracts of insurance,
- “market value” has the meaning given by sections 272 and 273 of TCGA 1992,
- “non-charitable trust” means a trust other than a charitable trust, and
- “policy” means a policy of life insurance or a capital redemption policy.
2
References in this Chapter to a premium include a reference to—
a
lump sum consideration, and
b
property other than cash transferred to the insurance company in satisfaction of a premium.
3
References in this Chapter to the amount of premiums paid include a reference to—
a
the amount of lump sum consideration paid by way of premium, and
b
the market value at the date of transfer of property other than cash transferred to the insurance company in satisfaction of any premium.
Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))
Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)
Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)
S. 545(1) applied by 1988 c. 1, Sch. 15 Pt. A1 para. A5(4)(b) (as inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 9 para. 2)
Words in s. 545(1) omitted (with effect in accordance with art. 15 of the commencing S.I.) by virtue of Finance Act 2010 (c. 13), Sch. 6 paras. 21(3), 34(2); S.I. 2012/736, art. 15