[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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]
[F3(2)Where this section applies the transferor and the transferee are treated for the purposes of corporation tax on chargeable gains as if any assets included in the transfer which—
(a)immediately before they are acquired by the transferee, were assets of the transferor's long-term insurance fund, and
(b)immediately after they are so acquired are assets of the transferee's long-term insurance fund,
were acquired for a consideration of such amount as would secure that neither a gain nor a loss would accrue to the transferor on the disposal.
[F4(2A)The reference in subsection (2) above to assets included in the transfer does not include structural assets within the meaning of section 83XA of the Finance Act 1989.]
(3)Subsection (2) above is subject to section 212.]
F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 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)
F2S. 211(1A) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)
F3S. 211(2)(3) substituted for s. 211(2)(2A) (with effect in accordance with Sch. 9 para. 17(1) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 14(2)
F4S. 211(2A) inserted (with effect in accordance with Sch. 10 para. 17(2)(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 2(4)
F5S. 211(3) repealed (with effect in accordance with Sch. 29 paras. 5(4), 30(5), Sch. 40 Pt.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)
C1S. 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)