Section 60 | Section 57: meaning of “individual savings account business”

(1)This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “individual savings account business”.

(2)Life assurance business is “individual savings account business” if it consists of the effecting or carrying out of individual savings account policies.

(3)But the re-insurance of business consisting of the effecting or carrying out of individual savings account policies is not “individual savings account business”.

(4)In this section “individual savings account policy” means a policy of life insurance which is an investment of a kind specified in regulations made as a result of section 695(1) of ITTOIA 2005.