148(1)Section 336 (transfers of loans on group transactions) is amended as follows.
(2)In subsection (4), for “is within one of the categories set out in section 440(4)(a), (d) and (e) of ICTA (assets held for certain categories of long-term business)” substitute “is held for the purposes of a company’s long-term business”.
(3)After that subsection insert—
“(4A)For the purposes of subsection (4)—
(a)in the case of an overseas life insurance company, ignore transfers in relation to assets which are not UK assets (within the meaning of section 117 of FA 2012), and
(b)section 122 of that Act applies as it applies for the purposes of Chapter 8 of Part 2 of that Act.”