31(1)In section 444AB(6) of ICTA (transfer schemes transferring whole of business), for the words after “means” substitute “ the period of account of the transferor ending, or treated by section 444AA(2) as ending, immediately before the transfer date. ”U.K.
(2)The amendment made by sub-paragraph (1) has effect in relation to transfers of business taking place on or after 1 July 2008.
32(1)In section 444ABB(1A)(b)(ii) of ICTA (retained assets), for “liabilities” substitute “ mathematical reserves (as determined in accordance with section 1.2 of the Insurance Prudential Sourcebook) ”.U.K.
(2)The amendment made by sub-paragraph (1) has effect in relation to transfers of business taking place on or after 1 July 2008.
33(1)In section 444ABD(1) of ICTA (transferor's period of account including transfer), for “liabilities” substitute “ mathematical reserves (as determined in accordance with section 1.2 of the Insurance Prudential Sourcebook) ”.U.K.
(2)The amendment made by sub-paragraph (1) has effect in relation to transfers of business with a transfer date after 21 March 2007.