PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS
Miscellaneous provisions relating to life assurance business
444AETransfers of business: modification of s.83ZA 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 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.