SCHEDULES

SCHEDULE 16Part 2: minor and consequential amendments

PART 3Amendments of other Acts

149Corporation Tax Act 2009

1

Section 337 (transfers of loans on insurance business transfers) is amended as follows.

2

After subsection (3) insert—

3A

In subsection (3)(b) “qualifying overseas transfer” means so much of a transfer of the whole or any part of the business of an overseas life insurance company carried on through a permanent establishment in the United Kingdom as takes place in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 of the Council Directive of 5 November 2002 concerning life assurance (2002/83/EC).

3

In subsection (4)(a), for “the categories set out in section 440(4) of ICTA” substitute “the applicable categories”.

4

After subsection (4) insert—

4A

For the purposes of subsection (4)(a) “the applicable categories” means—

a

in the case of a UK life insurance company, the long-term business categories or a category of assets which are not held for the purposes of its long-term business, and

b

in the case of an overseas life insurance company, the UK long-term business categories, a category of UK assets which are not held for the purposes of its long-term business or a category of assets which are held by it but which are not UK assets.

4B

For the purposes of subsection (4A)—

a

“the long-term business categories” has the same meaning as in section 116 of FA 2012,

b

“the UK long-term business categories” and “UK assets” have the same meanings as in section 117 of that Act, and

c

section 122 of that Act applies as it applies for the purposes of Chapter 8 of Part 2 of that Act.