Version Superseded: 17/07/2012
Point in time view as at 06/04/2009.
Finance Act 2007, Paragraph 21 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.
21U.K.For section 432G substitute—
(1)There is referable to the life assurance business of the transferee the appropriate fraction of the amount brought into account as a business transfer-in and of any amount taken into account as profits under section 444ABD(1).
(2)For the purposes of subsection (1) above “the appropriate fraction” is—
where—
LABL is the amount of the liabilities transferred that are referable to the life assurance business (but is nil if it would otherwise be below nil); and
TL is the whole of the liabilities transferred.
(3)But if the amount of the liabilities transferred is nil, the appropriate fraction for the purposes of subsection (1) above is such fraction as is just and reasonable.
(4)There is referable to the gross roll-up business of the transferee the relevant fraction of the amount brought into account as a business transfer-in and of any amount taken into account as profits under section 444ABD(1).
(5)For the purposes of subsection (4) above “the relevant fraction” is—
where—
GRBL is the amount of the liabilities transferred that are referable to the gross roll-up business (but is nil if it would otherwise be below nil); and
TL has the same meaning as in subsection (2) above.
(6)But if the amount of the liabilities transferred is nil, the relevant fraction for the purposes of subsection (4) above is such fraction as is just and reasonable.”
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