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)).