Taxation of Chargeable Gains Act 1992

211 Transfers of business. U.K.

[F1 (1) This section applies where an insurance business transfer scheme has effect to transfer business which consists of the effecting or carrying out of contracts of long-term insurance from one person (“the transferor”) to another (“the transferee”).

F2 (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

(2) F3 ... , where this section applies section 139 shall not be prevented from having effect in relation to any asset included in the transfer by reason that—

(a) the transfer is not part of a scheme of reconstruction [F4 within the meaning of that section] F5 ... , [F6 or]

F7 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) the asset is within subsection (2) of that section;

and where section 139 applies by virtue of paragraph (a) above the references in subsection (5) of that section to the reconstruction F5 ... shall be construed as references to the transfer.

[F8 (2A) Where section 139 has effect in relation to an asset by virtue of subsection (2) above, the reference in subsection (1A) of that section to section 10(3) shall be construed as a reference to section 11(2)(b), (c), (d) or (e) of the Taxes Act.]

F9 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 211(1)(1A) substituted (with effect in accordance with art. 66(2) of the amending S.I.) for s. 211(1) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 66(1)

F2 S. 211(1A) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)

F3 Words in s. 211(2) repealed (with effect in accordance with Sch. 29 paras. 5(4), 30(5), Sch. 40 Pt. II(12) Note 10 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 30(2)(a), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))

F4 Words in s. 211(2)(a) inserted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(11)

F5 Words in s. 211(2) repealed (with effect in accordance with Sch. 11 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(2)

F6 Word in s. 211(2)(a) inserted (with effect in accordance with Sch. 29 paras. 5(4), 30(5) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 30(2)(b) (with Sch. 29 para. 46(5))

F7 S. 211(2)(b) repealed (with effect in accordance with Sch. 29 paras. 5(4), 30(5), Sch. 40 Pt. II(12) Note 10 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 30(2)(c), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))

F8 S. 211(2A) inserted (with effect in accordance with Sch. 29 paras. 5(4), 30(5) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 30(3) (with Sch. 29 para. 46(5))

F9 S. 211(3) repealed (with effect in accordance with Sch. 29 paras. 5(4), 30(5), Sch. 40 Pt. II(12) Note 10 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 30(4), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))

Modifications etc. (not altering text)

C1 S. 211(1) modified (with effect in accordance with reg. 1 of the amending S.I.) by The Friendly Societies (Taxation of Transfers of Business) Regulations 1995 (S.I. 1995/171), regs. 1, 4(1)(2)(e)