Finance Act 2012

149 (1) Section 337 (transfers of loans on insurance business transfers) is amended as follows. U.K.

(2) After subsection (3) insert—

“(3A) In subsection (3)(b) “qualifying overseas transfer” means so much of a transfer of the whole or any part of the business of an overseas life insurance company carried on through a permanent establishment in the United Kingdom as takes place in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 of the Council Directive of 5 November 2002 concerning life assurance (2002/83/EC).”

(3) In subsection (4)(a), for “the categories set out in section 440(4) of ICTA” substitute “ the applicable categories ”.

(4) After subsection (4) insert—

“(4A) For the purposes of subsection (4)(a) “the applicable categories” means—

(a) in the case of a UK life insurance company, the long-term business categories or a category of assets which are not held for the purposes of its long-term business, and

(b) in the case of an overseas life insurance company, the UK long-term business categories, a category of UK assets which are not held for the purposes of its long-term business or a category of assets which are held by it but which are not UK assets.

(4B) For the purposes of subsection (4A)—

(a) “the long-term business categories” has the same meaning as in section 116 of FA 2012,

(b) “the UK long-term business categories” and “UK assets” have the same meanings as in section 117 of that Act, and

(c) section 122 of that Act applies as it applies for the purposes of Chapter 8 of Part 2 of that Act.”