Yn ddilys o 19/07/2007
444AECCase I advantage: transfereeU.K.
(1)A Case I advantage is obtained by the transferee if—
(a)Case I profits of its life assurance business for a period of account to which this section applies are less than they would be but for the transfer scheme arrangements or any part of the transfer scheme arrangements, or
(b)Case I losses of its life assurance business for such a period of account are greater than they would be but for the transfer scheme arrangements or any part of the transfer scheme arrangements.
(2)If a Case I advantage is obtained by the transferee, the amount of the Case I advantage is—
(a)the amount by which Case I profits for each period of account to which this section applies are less than they would be but for the transfer scheme arrangements or part, or
(b)the amount by which Case I losses for each such period of account are greater than they would be but for the transfer scheme arrangements or part.
(3)This section applies to a period of account if it is—
(a)the first period of account of the transferee ending after the transfer date or after the effecting of the first of any relevant associated operations (if that occurs before the transfer date),
(b)the second period of account of the transferee ending after the transfer date or after the effecting of the last of any relevant associated operations (if that occurs after the transfer date), or
(c)any intervening period of account.
(4)See section 444AA for the meaning of “the transfer date”, section 444AEA for the meaning of “relevant associated operations” and section 444AEB for the meaning of “Case I profits” and “Case I losses”, in this section.