Amendment of regulation 2
This section has no associated Explanatory Memorandum
3. In regulation 2 (interpretation), insert at the end—
““qualifying transfer” means—
(a)a transaction to which section 343(1) of the Income and Corporation Taxes Act 1988(1) (company reconstruction without a change of ownership) applies,
(b)a transaction to which that section would apply if for “trade” there were substituted “investment business or property business”, or
(c)a transfer of a business which consists of the effecting or carrying out of contracts of long-term insurance from one person to another person (“the transferee”);
“successor” has the meaning given by section 343(1) of the Income and Corporation Taxes Act 1988;
“transferee” shall be construed in accordance with paragraph (c) of “qualifying transfer”.”
(1)