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11.—(1) Modify section 440(1) (transfers of assets etc) as follows.
(2) In subsection (2), in paragraph (b), for “is within another of those categories” substitute “is not within the corresponding category”.
(3) In subsection (4)—
(a)in paragraphs (a) to (f) before “assets” insert “UK”, and
(b)at the end insert—
“(g)assets of the company which are not UK assets.”.
(4) After subsection (4) insert—
“(4AA) Section 13 of the Capital Allowances Act (use for qualifying activity of plant or machinery provided for other purposes) shall apply in relation to any case in which an asset or part of an asset held by an overseas life insurance company—
(a)ceases to be within the category set out in paragraph (g) of subsection (4) above; and
(b)at the same time comes within another of the categories set out in that subsection.”.
(5) At the end insert—
“(7) For the purposes of this section UK assets are assets which fall to be attributed, for the purposes of section 11AA(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business.
(8) Where the transferor company mentioned in subsection (2) is an overseas life insurance company, this section shall have effect, as regards the time immediately before the acquisition.
(9) Where the acquiring company mentioned in subsection (2) is an overseas life insurance company, this section shall have effect as regards the time immediately after the acquisition.”.
Section 432B was inserted by paragraph 4 of Schedule 6 to the Finance Act 1990 and has been relevantly amended by paragraphs 5(3) and 57 of Schedule 8 to the Finance Act 1995 and articles 13 and 52(1)(a) of S.I. 2001/3629.
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