SCHEDULES

SCHEDULE 9Insurance companies: transfers etc

Transfers and demutualisations: losses where assets added to long-term insurance fund

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1

FA 1989 is amended as follows.

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 ”.

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In section 436A(3) of ICTA (gross roll-up business), for “83AB” substitute “ 83ZA ”.