Income and Corporation Taxes Act 1988

444AEC [F1 Life assurance trade profits] advantage: transferee U.K.

(1) A [F2 life assurance trade profits advantage] is obtained by the transferee if—

(a) [F3 section 35] profits of its life assurance business for a period of account to which this section applies [F4 are, or at the relevant time are expected to be, less than they would be but for the whole] of the transfer scheme arrangements, or

(b) [F3 section 35] losses of its life assurance business for such a period of account [F5 are, or at the relevant time are expected to be, greater than they would be but for the whole] of the transfer scheme arrangements.

(2) If [F6 a life assurance trade profits advantage] is obtained by the transferee, the amount of [F7 the advantage] is—

(a) the amount by which [F8 section 35] profits for each period of account to which this section applies [F9 are, or at the relevant time are expected to be, less than they would be but for the whole of the transfer scheme arrangements], or

(b) the amount by which [F8 section 35] losses for each such period of account [F10 are, or at the relevant time are expected to be, greater than they would be but for the whole of the transfer scheme arrangements].

(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 “ [F11 section 35] profits” and “ [F11 section 35] losses”[F12 and “the relevant time”], in this section.

Textual Amendments

F1 Words in s. 444AEC title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(5) (with Sch. 2 Pts. 1, 2)

F2 Words in s. 444AEC(1) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(2)(a) (with Sch. 2 Pts. 1, 2)

F3 Words in s. 444AEC(1)(a)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(2)(b) (with Sch. 2 Pts. 1, 2)

F4 Words in s. 444AEC(1)(a) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 21(2)(a)

F5 Words in s. 444AEC(1)(b) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 21(2)(b)

F6 Words in s. 444AEC(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(3)(a) (with Sch. 2 Pts. 1, 2)

F7 Words in s. 444AEC(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(3)(b) (with Sch. 2 Pts. 1, 2)

F8 Words in s. 444AEC(2)(a)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(3)(c) (with Sch. 2 Pts. 1, 2)

F9 Words in s. 444AEC(2)(a) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 21(3)(a)

F10 Words in s. 444AEC(2)(b) substituted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 21(3)(b)

F11 Words in s. 444AEC(4) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 147(4) (with Sch. 2 Pts. 1, 2)

F12 Words in s. 444AEC(4) inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 21(4)