- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 No. 381
19.—(1) Section 444AEA (transfer schemes: anti-avoidance rule) is amended as follows.
(2) In subsection (1), in paragraphs (a) and (b), omit “or any part”.
(3) In subsection (3), for the words from “long-term insurance fund” to the end substitute—
“long-term insurance fund of the transferor—
to the extent that the advantage is obtained by the transferor in the period of account covering the transfer date or any earlier period of account—
for the period of account of the transferor ending (or treated as ending)immediately before the transfer date, or
where there is no such period, for the period of account of the transferorincluding the transfer date, and
to the extent that the advantage is obtained by the transferor in any later period of account of the transferor in which any relevant associated operations are effected, for that later period of account.”
(4) In subsection (4), for the words from “first period of account” to the end substitute “period of account of the transferee in which the advantage is obtained by the transferee”.
(5) In subsection (5), for “and 444AEC” substitute “to 444AECC”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: