SCHEDULES

SCHEDULE 9Insurance companies: transfers etc

Transfer schemes: expenses, losses etc

2

1

Section 444A of ICTA (transfers of business: expenses, losses and section 432F(2) excesses) is amended as follows.

2

In subsection (1), omit “Subject to subsection (7) below,”.

3

Omit—

a

subsection (7) (section not to apply if transfer is not for bona fide commercial reasons or forms part of avoidance scheme), and

b

subsection (8) (clearance procedure as to non-application of subsection (7)).