904Transfers of life assurance business: transfers of assets treated as tax-neutralU.K.
(1)A transfer of intangible fixed assets to which this section applies is tax-neutral for the purposes of this Part (see section 776).
(2)This section applies to a transfer of intangible fixed assets if—
(a)the assets are included in a transfer within subsection (3),
(b)immediately before the transfer the intangible fixed assets are chargeable intangible assets in relation to the company making the transfer, and
(c)immediately after the transfer the intangible fixed assets are chargeable intangible assets in relation to the company to which the transfer is made.
(3)A transfer is within this subsection if it is—
(a)a transfer of business consisting of the effecting or carrying out of long-term business which has effect under an insurance business transfer scheme, or
(b)a qualifying overseas transfer.