PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS

Miscellaneous provisions relating to life assurance business

444AC Transfers of business: modification of s.83(2) FA 1989
(1) This section applies where an insurance business transfer scheme has effect to transfer long-term business from one person (“the transferor”) to another (“the transferee”).
(2) If—
(a) the element of the transferee’s line 31 figure representing the transferor’s long-term insurance fund, exceeds
Words in s. 444AC(2)(3) substituted (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. 5(2)(a)
(b) the amount of the liabilities to policy holders and annuitants transferred to the transferee,
the excess is not to be regarded as a business transfer-in of the transferee for the purposes of section 83(2)(e) of the Finance Act 1989.
Words in s. 444AC(2)(3) substituted (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. 5(2)(b)
Words in s. 444AC(2) substituted (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. 5(3)
(3) In this section and section 444AD “the element of the transferee’s line 31 figure representing the transferor’s long-term insurance fund” means so much of—
(a) the amount which is brought into account by the transferee as a business transfer-in in the period of account of the transferee in which the transfer takes place, as represents
(b) the assets transferred to the transferee.