Point in time view as at 06/04/2009.
Finance Act 2007, Paragraph 10 is up to date with all changes known to be in force on or before 03 March 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.
10(1)In section 431(2) of ICTA (interpretative provisions relating to insurance companies) insert at the appropriate place—U.K.
““fair value”, in relation to assets, means the amount which would be obtained from an independent person purchasing them or, if the assets are money, its amount;”.
(2)In section 440 of ICTA (transfer of assets etc)—
(a)in subsections (1) and (2), for “market” substitute “ fair ”, and
(b)omit subsection (5).
(3)Omit—
(a)section 444AB(6) of ICTA (as originally enacted),
(b)in section 444AC(11) of that Act (as originally enacted), the words from the beginning to the end of the definition of “fair value”,
(c)section 444AD(5) of that Act,
(d)in section 83(8) of FA 1989, in the definition of “fair value”, paragraph (a), and
(e)section 83YB(5) of that Act.
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