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Finance Act 2002

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This is the original version (as it was originally enacted).

Transactions within groups: exceptions relating to insurance

29(1)Paragraph 28 does not apply by virtue of sub-paragraph (2)(a) or (b) of that paragraph in relation to any transfer of an asset, or of any rights or duties under or interest in an asset, where the asset was within one of the categories set out in section 440(4)(a) to (e) of the Taxes Act 1988 (assets held for certain categories of long term business) either immediately before the transfer or immediately afterwards.

(2)Paragraph 28 does not apply by virtue of sub-paragraph (2)(c) or (d) of that paragraph in relation to any transfer of an asset, or of any rights or duties under or interest in an asset, where the asset—

(a)was an asset within one of the categories set out in section 440(4) of the Taxes Act 1988 immediately before the transfer, and

(b)is not an asset within that category immediately afterwards.

(3)For the purposes of sub-paragraph (2) above, where one of the companies is an overseas life insurance company an asset shall be taken to be within the same category both immediately before the transfer and immediately afterwards if it—

(a)was an asset within one category immediately before the transfer, and

(b)is an asset within the corresponding category immediately afterwards.

(4)In this paragraph “overseas life insurance company” has the same meaning as in Chapter 1 of Part 12 of the Taxes Act 1988.

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