[371GA The basic rule]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[Chapter 7
The CFC Charge Gateway: Captive Insurance Business]

[371GA  The basic rule]

[(1)     The CFC's profits falling within this Chapter for the purposes of step 2 in section 371BB(1) (the CFC charge gateway) are any amounts included in its assumed total profits so far as they—

(a)     arise from the CFC's insurance business,

(b)     fall within subsection (2), and

(c)     fall within subsection (7) where applicable.

(2)     An amount falls within this subsection if it derives (directly or indirectly) from—

(a)     a contract of insurance which is entered into with—

(i)     a UK resident company connected with the CFC, or

(ii)     a non-UK resident company connected with the CFC acting through

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