Section 371FE | Exclusion: insurance business

(1)The HMRC Commissioners may by regulations provide that, if specified conditions are met, step 3 in section 371FA(1) is not to apply in relation to the CFC's trading finance profits so far as they arise from insurance business, or insurance business of a specified description, carried on by the CFC.

(2)In subsection (1) “insurance business” does not include insurance business so far as consisting of the effecting or carrying out of contracts of insurance covered by section 371GA(2) (UK insurance contracts), including the investment of premiums received from such contracts.

(3)Regulations under subsection (1) may (in particular) make provision by reference to—

(a)the territory in which a CFC is resident or any territory in which its insurance business is regulated or carried on, or

(b)the regulatory requirements imposed from time to time in any territory in relation to insurance business.