LAM01150 - Introduction and long-term insurance business overview: Key concepts: tax definitions of 바카라 사이트˜contract of insurance바카라 사이트™, 바카라 사이트˜contract of long-term insurance바카라 사이트™ and 바카라 사이트˜insurance company바카라 사이트™: FA12/S64-65
FA12/S64 links the definitions of a contract of insurance and a contract of long-term insurance to the regulatory definition in . Further details of the different categories are set out in LAM01140.
FA12/65 defines an 바카라 사이트˜insurance company바카라 사이트™.
An insurance company covered by this definition will generally be regulated in the UK by the PRA or have a permanent establishment in the UK with 바카라 사이트˜passporting rights바카라 사이트™ into the UK from another EU or EEA regulated territory. The passporting position is dependent on the UK바카라 사이트™s status with the EU.
The clear link between tax and regulation means that it is generally straightforward to identify if there is an insurance company to which the life tax rules will apply.
Long-term business may be written by mutual insurers, which will fall with the definition of 바카라 사이트˜insurance company바카라 사이트™ and any BLAGAB written will fall within the I-E FA12/S68 charging provisions with only the policyholder rate of tax applying to any I-E profits.
Long-term business can also be written by registered friendly societies. These are not insurance companies in statutory terms so are not subject to the full life company rules. Instead a modified version of the rules are applied as set out in Part 3 of Finance Act 2012 (FA12/S150-179). These rules are not covered in this manual.