The Overseas Life Assurance Fund (Amendment) Order 2004

• Citation: S.I. 2004/3275
• Sections: 3

Section 1 Citation, commencement and effect

This Order may be cited as the Overseas Life Assurance Fund (Amendment) Order 2004, shall come into force on 31st December 2004 and shall have effect in relation to designations of assets for the purposes of paragraph 3 of Schedule 19AA to the Income and Corporation Taxes Act 1988 on or after that date.

Section 2 Amendment of Schedule 19AA to the Income and Corporation Taxes Act 1988

Schedule 19AA to the Income and Corporation Taxes Act 1988 (overseas life assurance fund) is amended as follows.

Section 3 Amendment of paragraph 5

(1) Amend paragraph 5 (order in which assets to be designated) as follows.

(2) After sub-paragraph (5) insert—

(5A) For the purposes of sub-paragraph (5)(a) above, in determining whether assets are linked solely to overseas life assurance business, assets linked to policies or contracts which, by virtue of regulation 18 or 19 of the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 are to be treated as referring to basic life assurance and general annuity business, shall be treated as linked solely to overseas life assurance business.

(3) In sub-paragraph (6A) at the end add “falling within sub-paragraph (5)(a) above”.