Textual Amendments
F1Sch. 19AA inserted (for accounting periods beginning on or after 1 January 1990) by Finance Act 1990 (c. 29), Sch.7 paras. 6, 10
2(1)Assets of a company at the end of a period of account which—
(a)were assets of the overseas life assurance fund at the end of the immediately preceding period of account, and
(b)are assets of the long term business fund of the company throughout the period,
shall be assets of the overseas life assurance fund throughout the period .
(2)Where in a period of account assets of a company which were assets of the overseas life assurance fund at the end of the immediately preceding period of account are disposed of by the company, or otherwise cease to be assets of the long term business fund of the company, they shall be assets of the overseas life assurance fund from the beginning of the period until they are disposed of or, as the case may be, they cease to be assets of the long term business fund .
(3)Where—
(a)in any period of account assets are acquired by a company as assets of the long term business fund, or otherwise become assets of that fund,
(b)the assets are disposed of by the company, or otherwise cease to be assets of that fund, later in the same period,
(c)throughout the part of the period during which the assets are assets of the long term business fund they are [F2assets within paragraph 5(5)(a) or] assets within paragraph 5(5)(c) below, and
(d)it is appropriate having regard to all the circumstances (including a comparison between the relationship of the value of the assets of the overseas life assurance fund and the liabilities of the overseas life assurance business and that of the value of the assets of the long term business fund and the liabilities of the company’s long term business) that they be assets of the overseas life assurance fund,
they shall be assets of the overseas life assurance fund for the part of the period during which they are assets of the long term business fund.
Textual Amendments
F2Words in Sch. 19AA para. 2(3)(c) substituted (10.1.1995 with effect in accordance with art. 1 of the amending S.I.) by The Overseas Life Assurance Fund (Amendment) Order 1994 (S.I. 1994/3278), art. 3
Modifications etc. (not altering text)
C1See 1990 s. 42 and Sch.7 para.10(2) regarding treatment of assets in relation to the first period of account of an insurance company