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HM 9: Collective schemes
or “Rules for what types of organisations can be collective schemes”
You could also call this:

“Life insurance business not allowed for PIEs, except life fund PIEs”

You can’t run a life insurance business if you’re a special type of investment company called a PIE. The only exception is if you’re a specific kind of PIE called a life fund PIE. If you’re a life fund PIE, then you’re allowed to do life insurance business.

A PIE is short for ‘portfolio investment entity’. It’s a way of grouping investments together. The rules for PIEs are different from regular companies.

This rule is part of a set of requirements that PIEs need to follow. It helps make sure that PIEs stick to what they’re meant to do, which is mainly investing money, not selling insurance.

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Next up: HM 11: Investment types

or “Types of investments an entity must hold”
Next

Part H Taxation of certain entities
Portfolio investment entities: Requirements

HM 10Exclusion: life insurance business

  1. The entity must not carry on a business of life insurance unless it is a life fund PIE.

Compare
  • s HL 3(9)
Notes
  • Section HM 10: inserted, on (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).