Finance Act 2005

Assets of overseas life assurance companies.

41.—(1) Section 29(3) of the Principal Act is amended—

(a) in paragraph (c) by substituting “agency,” for “agency.”, and

(b) by inserting the following after paragraph (c):

“(d) assets situated outside the State of an overseas life assurance company (within the meaning of section 706(1)), being assets which were held in connection with the life business (within the meaning of section 706(1)) carried on by the company, which at or before the time the chargeable gains accrued were used or held by or for the purposes of that company's branch or agency in the State.”.

(2) This section applies as respects accounting periods ending on or after 1 March 2005.