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Version Superseded: 08/08/2008
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There are currently no known outstanding effects for the Finance Act 1989, Section 82F.
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(1)This section applies where—
(a)an insurance business transfer scheme has effect to transfer long-term business from one person (“the transferor”) to another (“the transferee”); and
(b)the transferor does not make an election under section 82E(4) above.
(2)For the purposes of this section and section 82D above, where the first period of account of the transferee ending after the transfer began before the transfer, it shall be treated as beginning immediately after the transfer.
(3)Section 82D above shall apply as if—
(a)the reference in subsection (2)(b) of that section to subsequent periods of account included a reference to periods of account of the transferee ending on or after the transfer; and
(b)the reference in that subsection to the company included a reference to the transferee.
(4)The amount to be brought into account as a trading receipt of a transferee (or, if there is more than one transferee, all the transferees) for a period of account by virtue of this section shall not exceed the appropriate amount.
(5)Where there is more than one transferee, the amount to be brought into account as a trading receipt of each transferee for a period of account by virtue of this section shall be the relevant fraction of the appropriate amount.
(6)The appropriate amount is the amount which bears to XA for the period of account in question “the relevant proportion”.
Here—
XA has the meaning given by section 82D(2C) above; and
“the relevant proportion”, in relation to a transferee, is the proportion that the liabilities of the transferor to policy holders and annuitants transferred to the transferee bear to such liabilities of the transferor immediately before the transfer.
(7)The relevant fraction, in relation to a transferee, is the fraction of which—
(a)the numerator is the liabilities of the transferor to policy holders and annuitants transferred to the transferee; and
(b)the denominator is the liabilities of the transferor to policy holders and annuitants transferred to all the transferees.]
Textual Amendments
F1Ss. 82E, 82F inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031), arts. 1(1), 13
Modifications etc. (not altering text)
C1S. 82F applied (with modifications) by 1988 c. 1, s. 432YA(6) (as added (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007 (S.I. 2007/1031), arts. 1(1), 3(5))
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