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Taxation of Chargeable Gains Act 1992
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- UK Public General Acts
- 1992 c. 12
- SCHEDULE 7AC
- Part 2
- Special rules for assets...
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Changes over time for: Cross Heading: Special rules for assets of insurance company held for the purposes of its long-term business
Changes to legislation:
Taxation of Chargeable Gains Act 1992, Cross Heading: Special rules for assets of insurance company held for the purposes of its long-term business is up to date with all changes known to be in force on or before 29 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act applied by 1997 c. 16 Sch. 12 para. 12(7) 13 14
- Act applied by 2002 c. 23 Sch. 16 para. 48(1)(2)
- Act construed as one with reg. 37 by S.I. 2006/575 reg. 37(2)
- Act construed as one with reg. 38 by S.I. 2006/575 reg. 38(3)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(10)(11) inserted by 2016 c. 11 s. 15(4)
- s. 4(10) words inserted by 2016 c. 24 s. 83(11)
- s. 35(3)(d)(xviii) added by 2008 c. 17 Sch. 7 para. 9
- s. 35(3)(d)(xviii) inserted by 2008 c. 18 Sch. 13 para. 46
- s. 35(3)(d)(xviii) repealed by S.I. 2008/3002 Sch. 1 para. 42 Sch. 3 (This amendment comes into force on the day 2008 c. 4, s. 5 comes into force, see art. 1(2). That provision was brought into force on 1.12.2008 by S.I. 2008/3068, art. 2(1)(b))
- s. 104(4)(b)(i) words substituted by S.I. 1989/469, reg. 27(2) (as amended) by S.I. 1997/1716 reg. 13(1)(b)
- s. 107(11) words substituted by S.I. 1989/469, reg. 27(2A) (as amended) by S.I. 1997/1716 reg. 13(2)(b)
- s. 169S(4A) inserted by 2015 c. 11 s. 43(2)
- s. 587B inserted by 2000 c. 17 s. 43(1)
- Sch. 5C para. 3(1) modified by S.I. 2004/2199 reg. 7(1)
- Sch. 5C para. 3(6) modified by S.I. 2004/2199 reg. 7(2)
- Sch. 5C para. 5(1) modified by S.I. 2004/2199 reg. 7(3)
- Sch. 5C para. 3 words inserted by S.I. 2005/3229 reg. 128
- Sch. 5C para. 5 words inserted by S.I. 2005/3229 reg. 128
- Sch. 5C para. 6 words inserted by S.I. 2005/3229 reg. 128
- Sch. 5C para. 3(1)(f) words substituted by 2007 c. 3 Sch. 1 para. 347
[F1Special rules for assets of [F2insurance company held for the purposes of its long-term business]U.K.
Textual Amendments
F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
F2Words in Sch. 7AC para. 17 cross-heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(8)
17(1)In the following two cases paragraph 8(1) (meaning of substantial shareholding) has effect as if, in paragraphs (a), (b) and (c), “30%" were substituted for “10%".U.K.
(2)The first case is where the investing company is an insurance company and the disposal is of an asset [F3held by it for the purposes of its long-term business].
(3)The second case is where—
(a)the investing company is a 51% subsidiary of an insurance company, and
(b)the insurance company holds as an asset [F4for the purposes of its long-term business] shares or an interest in shares—
(i)in the investing company, or
(ii)in another company through which it owns shares in the investing company.
The reference in paragraph (b)(ii) to owning shares through another company has the same meaning as in [F5Chapter 3 of Part 24 of CTA 2010] (subsidiaries).
(4)Where the investing company is a member of a group that includes an insurance company, paragraph 9 (aggregation of holdings of group companies) does not apply in relation to shares or an interest in shares held by the insurance company [F6for the purposes of its long-term business].
[F7(4A)The reference in sub-paragraph (2) to an asset [F8held by the investing company for the purposes of its long-term business], and the references in sub-paragraphs (3) and (4) to shares or an interest in shares held [F9for the purposes of its long-term business], do not include [F10an asset or assets which formed part of the long-term business fixed capital of the company in question].]
F11(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]
Textual Amendments
F3Words in Sch. 7AC para. 17(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(4)
F4Words in Sch. 7AC para. 17(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(5)
F5Words in Sch. 7AC para. 17(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(4) (with Sch. 2)
F6Words in Sch. 7AC para. 17(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(6)
F7Sch. 7AC para. 17(4A) inserted (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 2(5)
F8Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(a)
F9Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(b)
F10Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(c)
F11Sch. 7AC para. 17(5) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(5)(b), Sch. 27 Pt. 2(10)
Modifications etc. (not altering text)
C1Sch. 7AC para. 17 modified by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), reg. 50A (as inserted (30.1.2003) by S.I. 2003/23, regs. 1(1), 9)
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