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Finance Act 2007

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Changes over time for: Paragraph 5

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Version Superseded: 17/07/2012

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Status:

Point in time view as at 06/04/2009.

Changes to legislation:

Finance Act 2007, Paragraph 5 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. Help about Changes to Legislation

5U.K.In ICTA, after section 444ABC (inserted by paragraph 4) insert—

444ABDTransferor's period of account including transfer

(1)Any profits representing the amount by which—

(a)the value of the liabilities transferred by an insurance business transfer scheme, exceeds

(b)the value of the assets transferred by the insurance business transfer scheme shown (or treated as shown) in line 32 of the periodical return of the transferor for the period of account of the transferor including the transfer date,

are to be taken into account as profits of that period of account.

(2)See section 444AA for the meaning of “the transfer date” in this section.

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