Finance Act 2012 (c. 14)

PART 2 Insurance companies carrying on long-term business

CHAPTER 1 Introductory

Meaning of “long-term business” and “PHI business”

63 Meaning of “long-term business” and “PHI business”

(1) For the purposes of this Part “long-term business” means—

(a) life assurance business, or

(b) other business which consists of the effecting or carrying out of contracts of long-term insurance.

(2) For the purposes of this Part “PHI business” means the other business mentioned in subsection (1)(b).