Point in time view as at 06/04/2009.
Finance Act 2007, Cross Heading:
Losses transferred under section 444AZB is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Textual Amendments
F1 Sch. 7 paras 85, 86 and cross-headings added (with effect in accordance with art. 1(5) 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), 30
F2Sch. 7 para. 86 cross-heading substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 725(5) (with Sch. 2 Pts. 1, 2)
86(1)This paragraph applies where section 444AZB of ICTA has effect in relation to a transferee and the circumstances specified in sub-paragraph (2) or (3) below apply.U.K.
(2)The circumstances are that—
(a)the profits of the life assurance business of the transferee for the period of account immediately preceding the first period of account beginning on or after 1st January 2007 were chargeable to tax in accordance with Case I of Schedule D by virtue of section 439A of ICTA, and
(b)in that period, the transferee carried on pension business.
(3)The circumstances are that—
(a)paragraph 29 of Schedule 8 applies in relation to the transferee, and
(b)the transferee has an unused pension business loss within the meaning given by paragraph 81(4).
(4)The appropriate fraction of any amount treated by virtue of section 444AZB(2) of ICTA as a loss of the transferee (a “[F3gross roll-up business] loss”) available to be set off against profits chargeable under section 436A of ICTA is to be treated for the purposes of paragraph 81 as an unused pension business loss.
(5)The relevant fraction of any [F4gross roll-up business] loss is to be treated for the purposes of paragraph 82 as an unused non-pension business loss.
(6)In this paragraph “the appropriate fraction”, in relation to a period of account, is—
where—
“PBTL” is the mean of the opening and closing liabilities of the transferred pension business for the period of account, and
“TL” is the mean of the opening and closing liabilities of the transferred life assurance business for the period of account.
(7)In this paragraph the “the relevant fraction”, in relation to a period of account, is—
where—
“NPBTL” is the mean of the opening and closing liabilities of the transferred gross roll-up business which is not pension business for the period of account, and
“TL” is the mean of the opening and closing liabilities of the transferred life assurance business for the period of account.]
Textual Amendments
F3Words in Sch. 7 para. 86(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 725(4) (with Sch. 2 Pts. 1, 2)
F4Words in Sch. 7 para. 86(5) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 725(4) (with Sch. 2 Pts. 1, 2)
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