- 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
26. (1) Section 83YA (changes in value of assets brought into account: non-profit companies)(1) is amended as follows.
(2) In subsection (7)(a)—
(a)for “fair” substitute “admissible”, and
(b)for “the transferor’s long-term insurance fund” substitute “a non-profit fund of the transferor”
(3) In subsection (11), before the definition of “amount” insert—
““admissible value” has the meaning given by section 83XA(9)(2);”.
Section 83YA was inserted by paragraph 7(1) of Schedule 11 to the Finance Act 2006 (c. 25) and relevantly amended by paragraph 7(2) of Schedule 9, and paragraph 8(2)(c) of Schedule 10, to the Finance Act 2007.
Section 83XA was inserted by paragraph 2(1) of Schedule 10 to the Finance Act 2007.
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 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: