C1C3C2F1Part 10F1Corporate interest restriction
Pt. 10 excluded by 2010 c. 4, s. 937NA (as inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 7)
Pt. 10 excluded by 2010 c. 4, s. 938V(d) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 9)
Pt. 10 excluded by 2010 c. 4, s. 938N(e) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 8)
F1CHAPTER 9Cases involving particular types of company or business
Insurance companies etc
453Insurance entities
1
This section applies where—
a
an insurance entity is a member of a worldwide group,
b
the entity has a subsidiary (“S”) which it holds as a portfolio investment, and
c
apart from this section, S would be a member of the group.
2
For the purposes of this Part—
a
the group does not include S (or its subsidiaries), and
b
accordingly, none of those entities is regarded as a consolidated subsidiary of any member of the group.
3
For the purposes of this section an insurance entity holds an interest in an entity as “a portfolio investment” if—
a
the insurance entity holds the interest as an investment, and
b
the insurance entity judges the value that the interest has to it wholly or mainly by reference to the market value of the interest.
4
In this section—
“insurance entity” means—
- a
an insurance company,
- b
a friendly society within the meaning of Part 3 of FA 2012 (see section 172), or
- c
a body corporate which carries on underwriting business as a member of Lloyd's, and
- a
“subsidiary” has the meaning given by international accounting standards.
454Members of Lloyd's
In the case of a body corporate carrying on underwriting business as a member of Lloyd's—
a
any reference in this Part to an amount being brought into account under Part 3 of CTA 2009 as a result of section 297 or 573 of that Act is to be read as a reference to its being brought into account under that Part as a result of section 219 of FA 1994, and
b
any reference in this Part to a derivative contract is to be read as if subsection (3) of section 226 of FA 1994 (which provides that relevant contracts forming part of a premium trust fund are not derivative contracts) were omitted.
Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)