Modifications of section 12 of the Income and Corporation Taxes Act 19883

In section 125—

a

in subsection (7B) for the definition of “insurance business transfer scheme” substitute—

  • “insurance business transfer scheme” means so much of the transfer of the whole or any part of the business of an EEA life insurance company as takes place in accordance with any authorisation granted outside the United Kingdom for the purposes of Article 14 of the Directive of the European Parliament and of the Council of 5th November 2002 concerning life assurance (No.2002/83/EC)6;

b

in subsection (7C)—

i

for “an actual periodical return” substitute “actual IAD accounts”;

ii

for “periodical return” (where those words otherwise appear) substitute “IAD accounts”.