The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

Transfer of insurance business

66.—(1) In section 211 (transfer of long-term business)(1) for subsection (1) substitute—

“(1) This section applies where an insurance business transfer scheme has effect to transfer business which consists of the effecting or carrying out of contracts of long-term insurance from one person (“the transferor”) to another (“the transferee”).

(1A) In subsection (1)—

“insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section;

“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.

(2) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.

(1)

Section 211(1) was amended by paragraph 1(2)(d) of Schedule 9 to the Finance Act 1995.