Taxation of Chargeable Gains Act 1992 Schedule 7B paragraphs 1–16

Modification of Act in relation to overseas life insurance companies

Schedule 7B paragraphs 1–16 set out the modifications to the Taxation of Chargeable Gains Act 1992 as they apply to overseas life insurance companies operating in the United Kingdom.

• These provisions were introduced by the Overseas Life Insurance Companies Regulations 2006 (SI 2006/3271), which came into force under regulation 1 and Schedule Part 1 of those regulations.
• The paragraphs modify how chargeable gains rules apply specifically to life insurance companies based outside the UK but carrying on business within it.
• The modifications ensure that the capital gains tax treatment of overseas life insurers is adapted to reflect their particular circumstances, including the ring-fencing of UK business activities.
• These rules operated alongside the broader regime for taxing overseas life insurance companies and have been subject to subsequent legislative changes as part of wider insurance company taxation reform.

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