PART 2

Insurance companies carrying on long-term business
CHAPTER 11

Definitions

Index of defined terms, etc
141
1
In this Part the following expressions are defined or otherwise explained by the provisions indicated—
Expression | Where explained
basic life assurance and general annuity business (abbreviated to “BLAGAB”) | sections 57 and 67(5)
BLAGAB trade loss | section 136
BLAGAB trade profit | section 136
closing | section 139(1)
contract of insurance | section 64
contract of long-term insurance | section 64
debiting or crediting an amount in accounts drawn up by a company | section 139(2) and (3)
derivative contract | section 139(1)
excess BLAGAB expenses | section 73
fair value | section 139(1)
HMRC Commissioners | section 139(1)
I - E profit | section 73
the I - E rules | section 70(1) and (2)
insurance business transfer scheme | section 139(1)
insurance company | section 65
insurance special purpose vehicle | section 139(1)
liabilities | section 139(1)
life assurance business | section 56
long-term business | section 63(1)
long-term business fixed capital | section 137
matched (in case of assets matched to a BLAGAB liability or other long-term business liability) | section 138
non-BLAGAB long-term business | sections 66 and 67
non-taxable distributions | section 94(4) and (5)
overseas life insurance company | section 139(1)
PHI business | section 63(2)
re-insurance | section 139(1)
UK life insurance company | section 139(1)
with-profits fund | section 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.