SCHEDULES

SCHEDULE 7Transfer of assets abroad

Section 79

Income and Corporation Taxes Act 1988

Amendments of ICTA: introductory

1

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 741: application subject to sections 741B and 741C

2

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exemption from sections 739 and 740: new provision

3

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of sections 741 and 741A

4

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Just and reasonable apportionment in certain cases

5

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 742: interpretation of the Chapter

6

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ITTOIA 2005

Gains from contracts for life insurance etc

7

1

In ITTOIA 2005, section 468 (gains from contracts of life insurance etc: non-UK resident trustees and foreign institutions) is amended as follows.

2

In subsection (2) (section 740 of ICTA to apply with the modifications in subsection (3) or (4))—

a

for “Section 740” substitute “ Sections 739 and 740 ”,

b

for “prevents” substitute “ prevent ”,

c

for “applies” substitute “ apply ”.

3

In subsection (3) (cases within subsection (1)(a)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.

4

In subsection (4) (cases within subsection (1)(b)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.

5

The amendments made by this paragraph apply in relation to gains treated as arising on or after 5th December 2005.