10

Subsection (11) below applies where the following state of affairs exists at the beginning of 1st January of any year or the end of 31st December of any year—

a

securities have been transferred by the trustees of a premiums trust fund in pursuance of an arrangement mentioned in section 129(1) or (2),

b

the transfer was made to enable another person to fulfil a contract or to make a transfer,

c

securities have not been transferred in return, and

d

section 129(3) applies to the transfer made by the trustees.

11

The securities transferred by the trustees shall be treated for the purposes of subsections (1) to (6) above as if they formed part of the premiums trust fund at the beginning of 1st January concerned or the end of 31st December concerned (as the case may be).