SCHEDULES

SCHEDULE 22 U.K.Computation of profits: adjustment on change of basis

Part 3 U.K.Special rules for certain cases

Application of paragraphs 8 and 9 in case of transfer of insurance business U.K.

10 (1) This paragraph applies where—

(a) an asset to which paragraph 8 or 9 applies is transferred from one insurance company to another in pursuance of [F1 an insurance business transfer] scheme, and

(b) immediately after the transfer either—

(i) the transferee company is resident in the United Kingdom, or

(ii) the asset is held for the purposes of a business carried on by the transferee company in the United Kingdom through a [F2 permanent establishment].

(2) The asset shall not be regarded for the purposes of paragraph 8 as having been realised by the transferor by reason of its being transferred in pursuance of the transfer scheme.

(3) If the transfer is of the entire business of the transferor, the transferee is responsible under paragraph 8 or 9 for bringing into account any amount required to be brought into account after the transfer.

(4) F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words in Sch. 22 para. 10(1)(a) substituted (with effect in accordance with Sch. 9 para. 17(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(5)(a)

F2 Words in Sch. 22 para. 10(1)(b)(ii) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(e)

F3 Words in Sch. 22 para. 10(4) repealed (with effect in accordance with Sch. 10 para. 17(2) to the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(10)(c), Sch. 27 Pt. 2(10)

F4 Words in Sch. 22 para. 10(4) repealed (with effect in accordance with Sch. 9 para. 17(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(5)(b), Sch. 27 Pt. 2(9)

F5 Sch. 22 para. 10(5)(6) repealed (with effect in accordance with Sch. 9 para. 17(1) to the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(5)(c), Sch. 27 Pt. 2(9)

Modifications etc. (not altering text)

C1 Sch. 22 para. 10 modified by SI 1997/473 reg. 53F (as inserted (30.1.2003) by The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2003 (S.I. 2003/23), regs. 1(1), 10