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(1) In this Chapter—
“charitable trust” means a trust established for charitable purposes only,
“contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544),
“friendly society” has the meaning given in the Friendly Societies Act 1992 (c 40) and includes a society which under section 96(2) of that Act is to be treated as a registered friendly society,
“insurance company” means an undertaking carrying on the business of effecting or carrying out contracts of insurance,
“market value” has the meaning given by sections 272 and 273 of TCGA 1992,
“non-charitable trust” means a trust other than a charitable trust, and
“policy” means a policy of life insurance or a capital redemption policy.
(2) References in this Chapter to a premium include a reference to—
(a) lump sum consideration, and
(b) property other than cash transferred to the insurance company in satisfaction of a premium.
(3) References in this Chapter to the amount of premiums paid include a reference to—
(a) the amount of lump sum consideration paid by way of premium, and
(b) the market value at the date of transfer of property other than cash transferred to the insurance company in satisfaction of any premium.
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.