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2.—(1) Payments falling within paragraph 1 do not include any payment by way of—
(a)the conferment of any beneficial interest in—
(i)any asset mentioned in Part III or Part IV,
(ii)any contract, the effecting and carrying out of which constitutes long term business falling within Class 1 (life and annuity business), Class III (linked long-term business) or Class VI (capital redemption business) specified in Schedule 1 to the Insurance Companies Act 1982(1);
(b)a non-cash voucher not of a description mentioned in Part V or to which paragraph 4 of Part X applies.
(2) Sub-paragraph (1)(a)(i) is subject to the qualification that an asset, which falls within either Part III or Part IV, shall nevertherless be disregarded under paragraph 1 if it would be disregarded for the purposes of income tax under Inland Revenue Extra-Statutory Concession A22 (long service awards), as published at 1st September 2000.
(3) For the purposes of sub-paragraph (1)(a)(ii), if the provisions of a contract of insurance are such that the effecting and carrying out of the contract constitutes—
(a)both long term business within the meaning of the Insurance Companies Act 1982 and general business within the meaning of that Act; or
(b)by virture of section 1(3) of that Act, long term business notwithstanding the inclusion of subsidiary general business terms,
the effecting and carrying out of that contract shall be treated as constituting long term business.
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