117 Overseas life insurance companies: rule corresponding to s 116
Finance Act 2012 (2012 c 14) | Legislation

117  Overseas life insurance companies: rule corresponding to s 116

(1)     If, at any time in a period of account of an overseas life insurance company, an asset (or a part of an asset) held by the company—

(a)     ceases to be within one of the UK long-term business categories, and

(b)     comes within another of those categories,

the company is treated for the purposes of corporation tax on chargeable gains as if it had disposed of and immediately re-acquired the asset (or part) at that time for a consideration equal to the fair value of the asset (or part) at that time.

(2)     The UK long-term business categories

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