94.—(1) Amend paragraph 12 of Schedule 9 (loan relationships: continuity of treatment) as follows.
(2) In sub-paragraph (1) for paragraph (c) substitute—
“(c)a transfer between two companies of business consisting of the effecting or carrying out of contracts of long-term insurance which has effect under an insurance business transfer scheme;”.
(3) For paragraph (9) substitute—
“(9) In this paragraph—
“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;
“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;
“overseas life insurance company” has the same meaning as in Chapter 1 of Part 12 of the Taxes Act 1988.”.
(4) 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.