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Capital Allowances Act 2001

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This is the original version (as it was originally enacted).

560Transfer of insurance company business

This section has no associated Explanatory Notes

(1)This section applies if—

(a)assets are transferred as part of, or in connection with, the transfer of the whole or part of the business of an insurance company to another company,

(b)the transfer is—

(i)in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the Insurance Companies Act 1982 (c. 50) (transfers of long term business), or

(ii)a qualifying overseas transfer within the meaning of paragraph 4A of Schedule 19AC to ICTA (overseas life insurance companies).

(2)But this section does not apply in relation to any asset transferred to a non-resident company unless the asset will fall to be treated, immediately after the transfer, as an asset which is held for the purposes of the whole or a part of so much of any business carried on by the non-resident company as is carried on through a branch or agency in the United Kingdom.

(3)This section also does not apply if section 561 applies (transfer of a UK trade to a company in another member State).

(4)If this section applies—

(a)any allowances and charges that would have been made to or on the transferor are to be made instead to or on the transferee, and

(b)the amount of any such allowance or charge is to be calculated as if everything done to or by the transferor had been done to or by the transferee,

but no sale or transfer of assets made to the transferee by the transferor is to be treated as giving rise to any such allowance or charge.

(5)In this section—

(a)“insurance company” has the same meaning as in Chapter I of Part XII of ICTA, and

(b)“non-resident company” means a company resident outside the United Kingdom.

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