Taxation of Chargeable Gains Act 1992 Schedule 7AD paragraph 1

Introduction

Schedule 7AD paragraph 1 establishes when this Schedule applies, specifically where an insurance company holds assets as a limited partner in a venture capital investment partnership as part of its long-term business.

• The Schedule applies to insurance companies that hold long-term business assets through venture capital investment partnerships
• The insurance company must be acting in the capacity of a limited partner in the partnership
• The assets in question must be held for the purposes of the company's long-term business
• The Schedule uses the shorthand "the company" for the insurance company and "the partnership" for the venture capital investment partnership throughout