Section 53.
1(1)In the enactments specified in sub-paragraph (2) below, for the words “section 49 of the M1Insurance Companies Act 1982”, in each place where they occur, there shall be substituted “ Part I of Schedule 2C to the Insurance Companies Act 1982 ”.U.K.
(2)The enactments mentioned in sub-paragraph (1) above are—
F1(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d)sections F2. . ., 214(11) and 214A(7) of the M2Taxation of Chargeable Gains Act 1992 (transfers of business).
(3)In section 444A(3)(b) of the Taxes Act 1988 (losses treated as losses of transferee)-
(a)after “where” there shall be inserted “ the transfer relates to any overseas life assurance business or ”; and
(b)for “overseas life assurance” there shall be substituted “ such ”.
Textual Amendments
F1Sch. 9 para. 1(2)(a)-(c) repealed (1.12.2001 with effect as mentioned in Sch. Note 1 of the amending Act) by S.I. 2001/3629, art. 109, Sch. Note
F2Words in Sch. 9 para. 1(2)(d) repealed (1.12.2001 with effect as mentioned in Note 1 of the amending Act) by S.I. 2001/3629, art. 109, Sch. Note
Marginal Citations
2(1)Schedule 19AC to the Taxes Act 1988 (modification of Act in relation to overseas life insurance company) shall be amended as follows.U.K.
(2)After paragraph 4 there shall be inserted the following paragraph—
“4A(1)In section 12(7A), the reference to a transfer of the whole or part of a company’s long term business in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the M3Insurance Companies Act 1982 shall be treated as including a reference to a qualifying overseas transfer.
(2)In this paragraph “a qualifying overseas transfer” means so much of any transfer of the whole or any part of the business of an overseas life insurance company carried on through a branch or agency in the United Kingdom as takes place in accordance with any authorisation granted outside the United Kingdom for the purposes of Article 11 of the third long term insurance Directive.
(3)In sub-paragraph (2) above “the third long term insurance Directive” has the same meaning as in that Act of 1982.”
(3)After the paragraph 10A inserted by Schedule 8 to this Act there shall be inserted the following paragraph—
“10AAIn section 440(2)(a), the reference to a transfer of the whole or part of a company’s long term business in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the M4Insurance Companies Act 1982 shall be treated as including a reference to a qualifying overseas transfer (within the meaning of paragraph 4A above).”
(4)Before paragraph 12 there shall be inserted the following paragraph—
“11CIn sections 444A(1) and 460(10A), the references to a transfer of the whole or part of a company’s long term business in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the M5Insurance Companies Act 1982 shall be treated as including references to a qualifying overseas transfer (within the meaning of paragraph 4A above).”
F33U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
4U.K.In subsection (5) of section 213 of the M6Taxation of Chargeable Gains Act 1992 (spreading of gains and losses under section 212 where there is a transfer of long term business), at the beginning there shall be inserted “Subject to subsections (5A) to (7) below”; and after that subsection there shall be inserted the following subsection—
“(5A)Subsection (5) above shall not apply where the transferee is resident outside the United Kingdom unless the business to which the transfer relates is carried on by the transferee, for a period beginning with the time when the transfer takes effect, through a branch or agency in the United Kingdom.”
Marginal Citations
5U.K.In subsection (7) of section 214A of that Act of 1992 (application of transitional provisions where there is a transfer of long term business), at the beginning there shall be inserted “ Subject to subsections (7A) and (8) below ”; and after that subsection there shall be inserted the following subsection—
“(7A)Paragraph (b) of subsection (7) above shall not apply where the transferee is resident outside the United Kingdom unless the business to which the transfer relates is carried on by the transferee, for a period beginning with the time when the transfer takes effect, through a branch or agency in the United Kingdom.”
6(1)Schedule 7B to that Act of 1992 (modification of Act in application to overseas life insurance companies) shall be amended as follows.U.K.
(2)After paragraph 9 there shall be inserted the following paragraph—
“9AIn section 211(1), the reference to a transfer of the whole or part of a company’s long term business in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the M7Insurance Companies Act 1982 shall be treated as including a reference to any qualifying overseas transfer (within the meaning of paragraph 4A of Schedule 19AC to the Taxes Act).”
(3)In paragraph 11, after sub-paragraph (1) there shall be inserted the following sub-paragraph—
“(1A)In section 213(5), the reference to a transfer of the whole or part of a company’s long term business in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the M8Insurance Companies Act 1982 shall be treated as including a reference to any qualifying overseas transfer (within the meaning of paragraph 4A of Schedule 19AC to the Taxes Act).”
(4)In sub-paragraph (1) of paragraph 12, after paragraph (b) of the subsection (12) which, for the purpose of modifying section 214, is set out in that sub-paragraph, there shall be inserted the following paragraph—
“(c)the reference in subsection (11) to a transfer of the whole or part of a company’s long term business in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the M9Insurance Companies Act 1982 were to be treated as including a reference to any qualifying overseas transfer (within the meaning of paragraph 4A of Schedule 19AC to the Taxes Act), and the references in that subsection to the business to which the transfer relates were to be construed accordingly;”.
(5)In paragraph 13, after sub-paragraph (2) there shall be inserted the following sub-paragraph—
“(2A)In subsection (7) of that section, the reference to a transfer of the whole or part of a company’s long term business in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the M10Insurance Companies Act 1982 shall be treated as including a reference to any qualifying overseas transfer (within the meaning of paragraph 4A of Schedule 19AC to the Taxes Act); and the references in that subsection and in subsection (8) of that section to the business to which the transfer relates shall be construed accordingly.”