Amendment of the Income and Corporation Taxes Act 1988

6.  In section 444AC (transfer of business: excess of assets or liabilities)(1)—

(a) in subsections (2), (2A) and (5) for “the element of the transferee’s line 31 figure representing the transferor’s long-term insurance fund” substitute “the transferee’s line 31 amount in relation to the transfer”; and

(b) omit subsection (3).

(1)

Section 444AC was inserted by paragraph 20 of Schedule 33 to the Finance Act 2003, and relevantly amended by article 5(1) of S.I. 2004/3266, paragraph 7 of Schedule 9 to the Finance Act 2005 (c. 7) and paragraph 3 of Schedule 11 to the Finance Act 2006.