M1The references in section 715(1)(a) and (2)(a) to computing the profits or losses of a trade shall not be taken as applying to a computation of income for the purposes of section 76(2).

If at any time securities held by an insurance company cease to be within one of the categories set out in section 440(4) and come within another of those categories, the company shall be treated for the purposes of sections 710 to 728 as transferring the securities to itself at that time.

Where an insurance company carrying on life assurance business is treated as receiving annual profits or gains under section 714(2)or 716(3)in respect of securities held as investments in connection with that business, the profits or gains shall be treated for the purposes of section 434(3)to (5)as if they were income from investments held in connection with that businessF2.

M2Section 713(2)(a) or (3)(a) (as the case may be) shall not apply if the transferor is an insurance company F3to the extent that the securities transferred are immediately before the transfer referable to a business the profits of which are computed in accordance with section 436 or 441.

M3Section 713(2)(b) or (3)(b) (as the case may be) shall not apply F4if the transferee is an insurance company to the extent that the securities transferred are immediately after the transfer referable to a business the profits of which are computed in accordance with section 436 or 441.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .