Business is Life assurance business if it consists of effecting or carrying out of insurance contracts written under the provisions of Sch. 1, Pt. 2 of FISMA (Regulated Activities) Order 2001, para. I, II, III or VII(b), or it is capital redemption business (FA 2012, s. 56(2)).
In common with most specialist areas, insurance has its terminology. The following are the main terms and abbreviations used throughout the Insurance Companies Chapters or within the industry – where terms defined separately appear in a definition, they are shown in italics:
Categories of business and their tax definition:
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