Section 7A — Taxation of Chargeable Gains Act 1992: Overseas life insurance companies

Overseas life insurance companies 7A 1 Paragraph 6 does not apply if—

a the person making the disposal (“D”) is an overseas life insurance company or would be such a company if it were carrying on its life assurance business in the United Kingdom through a permanent establishment there, b immediately before the disposal, no more than 40% of the market value of D’s assets derives from investments consisting of—

i interests in UK land, or ii rights or interests in companies which are UK property rich, c the asset disposed of is a right or interest in a collective investment vehicle that is a company (whether as a result of paragraph 4 or otherwise) and is UK property rich, and d immediately before the disposal, D does not have a 10% investment in that vehicle.

2 D has a 10% investment in a collective investment vehicle if, applying the rule in paragraph 9 (but without regard to paragraph 10) of Schedule 1A as if references to 25% were references to 10%, D would be regarded as having a 10% investment in the vehicle.