SCHEDULES
F1F1F2SCHEDULE 19ABA
Sch. 19ABA inserted (27.12.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Taxation of Reinsurance Business) (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/3430), arts. 1(1), 3(3)
Part 2MODIFICATIONS OF THIS ACT
Modification of section 444ABA (relevant non-transferred assets)
8A
In section 444ABA (relevant non-transferred assets) in subsection (1) for the definition of BTO substitute—
BTO is the lesser of VA and APL, where—
- a
VA is the value of the assets transferred by the insurance business transfer scheme shown (or treated as shown) in the periodical return of the transferor for the period of account of the transferor including the transfer date, and
- b
APL is the amount of the profit or loss for the financial year shown in the balance sheet in the periodical return for the last period of account of the transferor ending before the transfer date, together with—
- i
i)in the case of IAD accounts, the amount of profit or loss shown as being brought forward in that balance sheet, and
- ii
in the case of IAS accounts, the amount of retained earnings shown as being brought forward in that balance sheet.
Sch. 19ABA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 46 (with Sch. 17)