The Overseas Life Insurance Companies Regulations 2006 No. 3271

Modification of the Taxation of Chargeable Gains Act 1992

32.  In Schedule 7A(1) (restriction on set-off of pre-entry losses), after paragraph 1(4) insert—

“(4A) Where—

(a) an asset is held by an overseas life insurance company, and

(b) section 440 of the Taxes Act applies at any time in relation to the asset,

the asset shall not be treated for the purposes of sub-paragraph (3A)(b) above as having become a chargeable asset at that time.”.

(1)

Schedule 7A was inserted by section 88 of, and Schedule 8 to, the Finance Act 1993 (c. 34).