Finance Act 2007

10(1)Section 83 of FA 1989 (receipts to be taken into account) is amended as follows.U.K.

(2)In the first sentence of subsection (2B), for the words from “but the transfer” to “the time of the transfer” substitute “ the fair value of the assets at the time of the transfer, reduced by any amount brought into account in respect of them (for the period of account in which the transfer takes place or any earlier period of account) as part of total expenditure or as a business transfer-out, ”.

(3)In that sentence (as amended by sub-paragraph (2))—

(a)for “as a business transfer out” substitute “ by being netted off against incomings in lines 11 to 15 of a revenue account ”, and

(b)for the words after “value of the assets of that fund” substitute “ except to the extent that any of the exclusions in subsections (2C) to (2E) below apply. ”

(4)Omit the second sentence of subsection (2B).

(5)For subsection (2E) substitute—

(2E)Assets transferred by an insurance business transfer scheme are excluded from subsection (2B) above.