Commentary on Sections Structure of Chapters Overview Section 545: Minor definitions
2134.This section provides minor definitions for the purposes of this Chapter.
2135.The definitions of “charitable trust”, “friendly society” and “non-charitable trust” are based on section 539 of ICTA.
2136.The definition of “insurance company” is new for the purposes of this charge, although the Tax Acts provide a definition for other purposes. See Change 99 in Annex 1. (There is no Chapter-wide definition of “insurer”. Depending on the provision, that word may mean the insurer for the time being or the original insurer with whom the insurance or contract was made. Where a definition is needed, it has been provided for the purposes of the section in question (for example, see section 501)).
2137.The definition of “market value” is based on the definition provided by regulation 2(1) of PPB(T)R for the purposes of those regulations. The term is not otherwise defined in the source legislation. See Change 100 in Annex 1.
2138.The definitions in subsection (2) of “premium”, and in subsection (3) of “the amount of premiums paid” are based on the definition in regulation 2(2) of PPB(T)R. They clarify rather than replace “premium” as the term is generally understood, and are not regarded (in so far as they apply for the purposes of the Chapter rather than for the special charge on personal portfolio bonds only) as a change in the law.