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" Life assurance business prescribed for the purposes of section 431D(1A)(d)
     3. —(1) Subject to paragraph (2), life assurance business is prescribed for the purposes of section 431D(1A)(d) (meaning of "overseas life assurance business") if it is of a description—


(a) that does not fall within any of the circumstances set out in regulations 4 to 7; or

(b) that falls within the circumstances set out in regulation 9.



    (2) Where a policy or contract for business is owned by two or more policy holders or annuitants who do not hold the policy or contract as trustees of the same trust, the business is prescribed for the purposes of section 431D(1A)(d) where, if any of the policy holders or annuitants were the only policy holder or annuitant, paragraph (1) would so prescribe it."

    (2) Accordingly, the heading before regulations 4 to 7 becomes "Circumstances where business not prescribed for the purposes of section 431D(1A)(d)".

Amendment of regulation 7
     4. In regulation 7 (circumstances where business not prescribed for the purpose of section 431D(1A)(d))[3], for paragraph (b) substitute—

" (b) the policy or the contract for the business is held for the purposes of, or in connection with, a scheme which is for the time being a qualifying overseas pension scheme within the meaning of paragraph 5 of Schedule 33 to the Finance Act 2004[4];".

Insertion of regulation 9
     5. After regulation 8 (trustees residing in the United Kingdom) add—

" Circumstances where business prescribed for the purposes of section 431D(1A)(d)
     9. —(1) The circumstances set out in this regulation are where the benefits provided for under the policy or contract for the business are determined by reference to the value of assets consisting of or including land in the United Kingdom.

    (2) In paragraph (1), "land" includes buildings and other structures, land covered with water and any estate, interest, easement, servitude, right or licence in or over land."

Consequential amendments of enactments
     6. —(1) In section 432A(7)(c)(i) of the Income and Corporation Taxes Act 1988 (apportionment of income and gains)[5], omit "441B and".

    (2) The following provisions are repealed—

(a) section 441B of that Act (treatment of UK land)[6];

(b) paragraph 32 of Schedule 8 to the Finance Act 1995 (life assurance business – general amendments); and

(c) paragraph 41 of Schedule 5 to the Finance Act 1998 (rent and other receipts from land – minor and consequential amendments).

Mike Eland

Dave Hartnett
Two of the Commissioners for Her Majesty's Revenue and Customs

20th July 2007

[2] S.I. 2000/2089, relevantly amended by S.I. 2004/3274.back

[3] Regulation 7 was relevantly amended by regulation 3 of S.I. 2004/3274.back

[4] 2004 c. 12.back

[5] Section 432A was inserted by paragraph 4 of Schedule 6 to the Finance Act 1990 (c. 29) and subsection (7) of that section was amended by article 5(4) of S.I. 2005/3465 and paragraph 13 of Schedule 7 to the Finance Act 2007.back

[6] Section 441B was inserted by paragraph 32 of Schedule 8 to the Finance Act 1995 and amended by paragraph 41 of Schedule 5 to the Finance Act 1998 (c. 36).back

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