
Print Options
PrintThe Whole
Instrument
PrintThis
Section
only
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Amendment of regulation 15
This section has no associated Explanatory Memorandum
6. For regulation 15 (modification of section 444AC of the Income and Corporation Taxes Act 1988) substitute—
“15.—(1) Modify section 444AC (transfers of business: excess of assets or liabilities)() as follows.
(2) In subsections (2)(a), (2A)(b) and (5)(b), in a case where the transferee is an EEA firm or a Treaty firm, for “transferee’s line 31 amount in relation to the transfer” substitute “value of the assets transferred to the transferee’s long-term insurance fund in consideration of the assumption by the transferee of the liabilities to policy holders and annuitants”.
(3) In subsection (5A), in a case where the transferor is an EEA firm or a Treaty firm—
(a)for the words from “means— ” to “other” substitute “means, in relation to an overseas life insurance company where the company is an EEA firm or a Treaty firm,”; and
(b)omit “(in either case)”.
15A. In section 444AD(4)(b) (transfers of business: modification of s 83(2B) FA 1989)(), in a case where the transferee is an EEA firm or a treaty firm, for the words from “transferee’s” to “fund” substitute “value of the assets transferred to the transferee’s long-term insurance fund in consideration of the assumption by the transferee of the liabilities to policy holders and annuitants”.”
Back to top