IFM13466 - Offshore Funds: investors in non-reporting funds: exceptions to the charge to tax: long-term insurance funds
Regulation 27 of SI 2009/3001
Where an interest in an offshore fund that is an asset of an insurance company바카라 사이트™s long-term insurance fund is disposed of, any gain arising on disposal will not be taxed as an offshore income gain.
In this context, 바카라 사이트˜insurance company바카라 사이트™ and 바카라 사이트˜long-term insurance fund바카라 사이트™ have the same meaning as in section 431(2) of ICTA. A long-term insurance fund is, broadly, the funds that an insurance company maintains to meet its long term liabilities, such as payments to annuitants.