The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

Computation of profits of life assurance companies

56.—(1) Amend section 83 (receipts to be brought into account in relation to profits of life assurance business computed under Schedule D, Case I)(1) as follows.

(2) In subsection (6) for paragraph (a) substitute—

“(a) a transfer, under an insurance business transfer scheme, of business which consists of the effecting or carrying out of contracts of long-term insurance;”.

(3) After subsection (6) insert—

“(6A) In subsection (6)(a) above—

“insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section;

“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.

(4) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.

(1)

Sections 83 and 83A were substituted for section 83 by paragraph 16(1) of Schedule 8 to the Finance Act 1995 and subsections (3) to (8) of section 83 were substituted for subsection (3) of that section by paragraph 4 of Schedule 31 to the Finance Act 1996.