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108.—(1) Amend section 560 of the Capital Allowance Act 2001 (transfer of insurance company business) as follows.
(2) In subsection (1)(b)(i) for the words from “a scheme” to “or” substitute “an insurance business transfer scheme to transfer business which consists of the effecting or carrying out of contracts of long-term insurance, or”.
(3) In subsection (5)—
(a)omit the word “and” at the end of paragraph (a);
(b)for paragraph (b) substitute—
“(b)“insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000 (c. 8), including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section,
(c)“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), and
(d)“non-resident company” means a company resident outside the United Kingdom.”.
(4) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded Scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
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