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- Point in Time (16/12/2010)
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Version Superseded: 17/07/2012
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Income and Corporation Taxes Act 1988, Section 444AECB is up to date with all changes known to be in force on or before 17 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)A [F3life assurance trade profits advantage] is obtained by the transferor if—
(a)[F4section 35] profits of its life assurance business for a period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for any part of the transfer scheme arrangements, or
(b)[F4section 35] losses of its life assurance business for such a period of account are, or at the relevant time are expected to be, greater than they would be but for any part of the transfer scheme arrangements.
(2)But if any of the relevant associated operations would, by itself, cause the [F5section 35 profits] to be greater or the [F6section 35 losses] to be less than they would be but for that operation, the amount by which those profits would be greater or those losses would be less shall be taken into account in determining whether a [F7life assurance trade profits advantage] is obtained by the transferor.
(3)If [F8a life assurance trade profits advantage] is obtained by the transferor, the amount of [F9the advantage] is the aggregate of—
(a)the amounts (if any) by which [F10section 35] profits for each period of account to which this section applies are, or at the relevant time are expected to be, less than they would be but for the relevant part of the arrangements, and
(b)the amounts (if any) by which [F10section 35] losses for each such period of account are, or at the relevant time are expected to be, greater than they would be but for the relevant part of the arrangements.
(4)This section applies to a period of account if it is—
(a)the period of account of the transferor covering the transfer date,
(b)any earlier period of account of the transferor, or
(c)where any relevant associated operations are effected in any later period of account, that period of account.
(5)In this section and section 444AECC “the relevant part of the arrangements” means, in relation to [F11a life assurance trade profits advantage], the part of the transfer scheme arrangements as a result of which [F12the advantage] is obtained.
(6)See section 444AA for the meaning of “the transfer date”, section 444AEA for the meaning of “relevant associated operations” and section 444AEB for the meaning of “ [F13section 35] profits” and “ [F13section 35] losses” and “the relevant time”, in this section.]
Textual Amendments
F1Words in s. 444AECB title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(7) (with Sch. 2 Pts. 1, 2)
F2Ss. 444AECA-444AECC inserted (19.2.2008 with effect in accordance with art. 1(4) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), art. 22
F3Words in s. 444AECB(1) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(2)(a) (with Sch. 2 Pts. 1, 2)
F4Words in s. 444AECB(1)(a)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(2)(b) (with Sch. 2 Pts. 1, 2)
F5Words in s. 444AECB(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(3)(a) (with Sch. 2 Pts. 1, 2)
F6Words in s. 444AECB(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(3)(b) (with Sch. 2 Pts. 1, 2)
F7Words in s. 444AECB(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(3)(c) (with Sch. 2 Pts. 1, 2)
F8Words in s. 444AECB(3) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(4)(a) (with Sch. 2 Pts. 1, 2)
F9Words in s. 444AECB(3) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(4)(b) (with Sch. 2 Pts. 1, 2)
F10Words in s. 444AECB(3)(a)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(4)(c) (with Sch. 2 Pts. 1, 2)
F11Words in s. 444AECB(5) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(5)(a) (with Sch. 2 Pts. 1, 2)
F12Words in s. 444AECB(5) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(5)(b) (with Sch. 2 Pts. 1, 2)
F13Words in s. 444AECB(6) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 149(6) (with Sch. 2 Pts. 1, 2)
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