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5.—(1) Subject to paragraphs (5) and (6), life assurance business being re-insured is “excluded business” where conditions 1 to 3 are satisfied.
(2) Condition 1 is satisfied where—
(a)the cedant (“C”) is a 90% subsidiary of the re-insurer (“R”);
(b)R is a 90% subsidiary of C; or
(c)C and R are both 90% subsidiaries of the same body corporate.
(3) Condition 2 is satisfied where—
(a)C is resident in the UK; or
(b)C is resident outside of the UK and—
(i)the re-insurance is effected by C through a permanent establishment of C situated in the UK; and
(ii)that permanent establishment is within the charge to corporation tax by virtue of section 5(2) of the Corporation Tax Act 2009(1) in respect of the business being re-insured.
(4) Condition 3 is satisfied where the business being re-insured is BLAGAB in the hands of C.
(5) Business being re-insured by a non-investment risk arrangement which would be excluded business by virtue of conditions 1 to 3 being satisfied is not excluded business.
(6) Business being re-insured is not excluded business by virtue of this regulation where condition 2 in regulation 8(3) is satisfied in relation to that business.
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