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Finance Act 2008

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This is the original version (as it was originally enacted).

Financing-arrangement-funded transfers

2In ICTA, for section 444AE substitute—

444AETransfers of business: FAFTS

(1)Where an insurance business transfer scheme has effect to transfer the relevant financing arrangements entered into in relation to a non-profit fund of an insurance company (“the transferor”) to another person (“the transferee”), after the transfer—

(a)they are to be treated for the purposes of sections 83YC and 83YD of the Finance Act 1989 as having been entered into by the transferee, but

(b)the references in those sections to earlier periods of account of the transferee include earlier periods of account of the transferor.

(2)But if the insurance business transfer scheme has effect—

(a)to transfer some but not all of the relevant financing arrangements entered into in relation to the non-profit fund of the transferor, or

(b)to transfer all of those relevant financing arrangements but not all to one person,

any calculation required by virtue of section 83YC or 83YD in relation to a period of account of the transferor, or of the transferee or any of the transferees, ending after the transfer is to be made on a just and reasonable basis.

(3)Subsection (4) below applies where—

(a)relevant financing arrangements have been entered into in relation to a non-profit fund of an insurance company (“the old company”), and

(b)as a result of any transaction other than an insurance business transfer scheme, another insurance company (“the new company”) becomes the debtor in respect of the money debt, or the cedant, under the financial reinsurance arrangements.

(4)Where this subsection applies, after the transaction—

(a)the relevant financing arrangements are to be treated for the purposes of sections 83YC and 83YD as having been entered into by the new company, but

(b)the references in those sections to earlier periods of account of the new company include earlier periods of account of the old company, and

(c)the transaction is not to be regarded as causing the condition in section 83YD(3) to be met in relation to the old company.

(5)But if the transaction has effect—

(a)to transfer some but not all of the relevant financing arrangements entered into in relation to the non-profit fund of the old company, or

(b)to transfer all of those relevant financing arrangements but not all to one person,

any calculation required by virtue of section 83YC or 83YD in relation to a period of account of the old company, or of the new company or any of the new companies, ending after the transaction is to be made on a just and reasonable basis.

(6)Expressions used in this section and section 83YC or 83YD have the same meanings here as there.

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