Commentary on Sections Overview Overview Section 634: Insurance companies
1738.This section treats certain activities of an insurance company as not being those of a trade. It is based on paragraphs 41A and 43 of Schedule 26 to FA 2002.
1739.This section has the same effect, in relation to the activities specified in paragraphs (a) and (b), as the preceding section has for mutual trading companies.
1740.For the meaning of “life assurance business” and “basic life assurance and general annuity business”, see section 431(2) of ICTA.