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Finance Act 2012

Chapter 8

51.Chapter 8 deals with changes in the allocation of assets and share pooling rules for life insurance business.

52.Section 116 deems a disposal and reacquisition at fair value when an asset moves between the categories set out in the section. This rule does not apply where none of the profits of a company are taxed on an I - E basis.

53.Section 117 modifies the rules in section 116 for overseas life insurance companies.

54.Section 118 sets out the rules where there is a transfer of business and as a consequence assets transferred move from one category to another.

55.Sections 119 and 120 adapt the capital gains share pooling rules for life insurance companies, including overseas life insurance companies.

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