Transfers and demutualisations: losses where assets added to long-term insurance fundU.K.
11(1)FA 1989 is amended as follows.U.K.
(2)Omit—
(a)in section 83, subsections (3) to (7) and, in subsection (8), the definitions of “add”, “demutualisation” and “total reinsurance” (which relate to losses where assets added to long-term insurance fund),
(b)section 83AA (amounts added to long-term insurance fund in excess of loss), and
(c)section 83AB (treatment of surplus where there is subsequent transfer from company etc).
(3)In section 83B(3) (changes in recognised accounts: attribution of amounts carried forward), for “83AB” substitute “ 83ZA ”.
Commencement Information
I1Sch. 9 para. 11 has effect as specified by Finance Act 2007 (Schedule 9) Order 2008 (S.I. 2008/379), art. 2
12U.K.In section 436A(3) of ICTA (gross roll-up business), for “83AB” substitute “ 83ZA ”.
Commencement Information
I2Sch. 9 para. 12 has effect as specified by Finance Act 2007 (Schedule 9) Order 2008 (S.I. 2008/379), art. 2