Finance Act 2012

14 (1) This paragraph applies if— U.K.

(a) under an insurance business transfer scheme, there is a transfer from one insurance company to another of basic life assurance and general annuity business (or any part of that business) or non-BLAGAB long-term business (or any part of that business),

(b) the transfer is not a relevant intra-group transfer for the purposes of paragraph 13, and

(c) the transfer occurs at a time when the full amount of the deemed receipts or expenses of the relevant business has not been treated as arising to the transferor.

(2) The remaining amount of the deemed receipts or expenses of the relevant business is to be treated as arising to the transferor in the accounting period in which the transfer takes place.

(3) In this paragraph references to the deemed receipts or expenses of the relevant business—

(a) are references to the receipts or expenses within paragraph 9 or 10 of the business the whole or part of which is transferred, but

(b) do not include references to so much of those receipts or expenses as fall (or have fallen) to be treated as arising to a company other than the company which is the transferor for the purposes of this paragraph.