Valid from 10/07/2003
444AETransfers of business: modification of s.83ZA FA 1989U.K.
(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 contingent loan made to the transferor (within the meaning of subsection (1) of section 83ZA of the Finance Act 1989) is transferred to the transferee, that section has effect as if—
(a)the contingent loan had become repayable by the transferor immediately before the transfer, and
(b)the contingent loan were made to the transferee immediately after the transfer.