Textual Amendments
F1Cross-heading before s. 432 inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 51(2) (with Sch. 8 para. 55(2))
(1)This section applies where an amount falls within section 83(2)(e) of the Finance Act 1989.
(2)Where—
(a)this section applies, and
(b)it is necessary in accordance with section 83 to determine what part of a business transfer-in is referable to life assurance business or any category of life assurance business,
a business transfer-in shall be apportioned to the categories of business of the transferee in the proportions which the amount of the liabilities transferred for each of those categories [F3(but taking that amount to be nil if it would otherwise be below nil)] bear to the whole of the liabilities transferred.
[F4This is subject to subsection (3) below.]
[F5(3)If the whole of the liabilities transferred is nil then the business transfer-in shall be apportioned to the categories of business of the transferee in such proportions as are just and reasonable.]]
Textual Amendments
F2S. 432G inserted (1.1.2005 with effect in accordance with art. 1 of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) Order 2004 (S.I. 2004/3266), art. 4
F3Words in s. 432G(2) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031), arts. 1(1), 8(2)(a)
F4Words in s. 432G(2) inserted (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031), arts. 1(1), 8(2)(b)
F5S. 432G(3) added (17.4.2007 with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031), arts. 1(1), 8(3)