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5. After section 431F (meaning of “basic life assurance and general annuity business”)(1) insert—
(1) In this Chapter “tax exempt life assurance business” means business which is exempt from corporation tax by virtue of section 460(11) or (12).
(2) For the purposes of this Chapter, tax exempt life assurance business shall be treated as not being life assurance business.
(1) In this Chapter “tax exempt other business” means business which is exempt from corporation tax by virtue of section 461(4) or (4A) or 461B(5) or (6A).
(2) For the purposes of this Chapter, tax exempt other business shall be treated as being neither PHI business nor general insurance business.”
Section 431F was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995 (c. 4).
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