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Finance Act 2003

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Changes over time for: Paragraph 17

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Version Superseded: 21/07/2009

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Point in time view as at 10/07/2003.

Changes to legislation:

Finance Act 2003, Paragraph 17 is up to date with all changes known to be in force on or before 24 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

17(1)Section 171A of the Taxation of Chargeable Gains Act 1992 (c. 12) (notional transfers within group) is amended as follows.U.K.

(2)After subsection (3) insert—

(3A)Section 440(3) of the Taxes Act does not cause subsection (3) above to prevent the making of an election in a case where B is an insurance company; and in such a case the asset or part deemed to be transferred to B by A, and by B to C, is to be treated for the purposes of subsections (2)(c) and (3) above as not being part of B’s long-term insurance fund.

Insurance company” and “long-term insurance fund” have the same meaning as in Chapter 1 of Part 12 of the Taxes Act (see section 431(2) of that Act)..

(3)In subsection (4), for “that subsection” substitute “ subsection (2) above ”.

(4)This paragraph has effect in relation to disposals on or after 23rd December 2002.

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