SCHEDULES
SCHEDULE 7Transfer of assets abroad
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.