PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES

C1C2C3CHAPTER I INSURANCE COMPANIES, UNDERWRITERS AND CAPITAL REDEMPTION BUSINESS

Annotations:
Modifications etc. (not altering text)
C1

Definitions in Pt. XII Chapter I (ss. 431-458) applied by Finance Act 1991 (c. 31, SIF 63:1), s. 48, Sch. 7 paras. 16(7), 18

C2

Pt. XII Chapter I (ss. 431-458) applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 212(7)(b), 289 (with ss. 60, 101(1), 171, 201(3))

F1Surpluses of mutual and former mutual businesses

Annotations:
Amendments (Textual)
F1

Ss. 444AF-444AL and preceding cross-heading inserted (with effect in accordance with Sch. 11 para. 5(2)-(14) of the amending Act) by Finance Act 2006 (c. 25), Sch. 11 para. 5(1)

444AHModification of section 444AG etc for Case VI businesses

1

The modification in this section has effect for the purposes mentioned in section 444AF(5)(b) only.

2

In relation to any demutualisation transfer surplus accruing to a company in a post-2002 period of account—

a

the references in section 444AG(5) to the unappropriated surplus of the transferor at the end of the period of account of the transferor ending immediately before the transfer shall be taken to be references to—

i

the amount of that unappropriated surplus, or

ii

if less, the unappropriated surplus of the transferor at the end of the period of account immediately preceding the first post-2002 period of account of the transferor; and

b

the references in sections 444AF and 444AG to the amount of any demutualisation transfer surplus are to have effect accordingly.

3

In this section “post-2002 period of account”, in relation to an insurance company, means a period of account of the company beginning on or after 1st January 2003 and ending on or after 9th April 2003.