SCHEDULES
SCHEDULE 9Insurance companies: transfers etc
Transfer schemes: no gain/no loss
14
1
TCGA 1992 is amended as follows.
2
In section 211 (application of section 139), for subsections (2) and (2A) substitute—
2
Where this section applies the transferor and the transferee are treated for the purposes of corporation tax on chargeable gains as if any assets included in the transfer which—
a
immediately before they are acquired by the transferee, were assets of the transferor's long-term insurance fund, and
b
immediately after they are so acquired are assets of the transferee's long-term insurance fund,
were acquired for a consideration of such amount as would secure that neither a gain nor a loss would accrue to the transferor on the disposal.
3
Subsection (2) above is subject to section 212.
3
In section 35(3)(d)
(re-basing: exceptions), after “171,” insert “
211,
”
.