Finance Act 2008

Commencement of Schedule 9 to FA 2007

38 (1) Paragraph 17 of Schedule 9 to FA 2007 (transfers: commencement) is amended as follows.

(2) In sub-paragraph (2), for “9, 10(3) to (5),” substitute “10(5),”.

(3) In sub-paragraph (3)—

(a) after “effect” insert “(a)”, and

(b) insert at the end “and

(b) in relation to periods of account ending after 30 June 2008 where the transfer of business or demutualisation concerned took place on or after 21 March 2007 and before 1 July 2008.”

(4) After sub-paragraph (4) insert—

“(4A) The amendment made by paragraph 9 has effect in relation to contracts entered into in a period of account beginning on or after 1 January 2008.”

(5) Insert at the end—

“(6) The amendments made by paragraph 10(3) and (4) have effect in relation to assets transferred on or after 1 January 2008.”