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Status:
Point in time view as at 06/04/2024.
Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 2001, Part 12.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Part 12U.K. Supplemental
Transfer of insurance company businessU.K.
111Section 560 applies with—
(a)the substitution for subsection (1) of—
“(1)This section applies if assets are transferred as part of, or in connection with, a transfer of the whole or part of the long term business of an insurance company to another company in accordance with a scheme sanctioned by a court under section 49 of the Insurance Companies Act 1982.”;
and
(b)the omission of subsection (2),
in relation to transfers sanctioned or authorised before 1st July 1994.
Election regarding sale considerationU.K.
112(1)In relation to a transfer to which this paragraph applies, section 569(3) applies with the substitution for paragraph (a) of—
“(a)any of the parties is not resident in the United Kingdom at the time of the transfer and the circumstances are not at that time such that a relevant allowance or charge falls or might fall to be made to or on that party as a result of the transfer;”.
(2)This paragraph applies to—
(a)a transfer before 16th March 1993;
(b)a transfer in pursuance of a contract entered into before that date; and
(c)a transfer in pursuance of a contract entered into for the purpose of securing that obligations under a contract entered into before that date are complied with.
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