The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2006 No. 3218

Modifications of section 12 of the Income and Corporation Taxes Act 1988

3.  In section 12(1)—

(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 5^th November 2002 concerning life assurance (No. 2002/83/EC)(2);”;

(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”.

(1)

Subsection (7B) was inserted by Article 14 of S.I. 2001/3629 and sub-section (7C) by paragraph 20(3) of Schedule 9 to the Finance (No. 2) Act 2005 (c. 22).

(2)

O.J. 2002, L345/1.