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The Insurance Companies (Taxation of Reinsurance Business) (Amendment) Regulations 2008
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- 2008 No. 1944
- Regulation 8
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Amendment of regulation 13
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8. In regulation 13 (transfer of insurance arrangements effected by novation or insurance business transfer schemes) for paragraph (3) substitute—
“(3) For the purposes of regulations 4 to 7—
(a)if there is no accounting period of the transferor ending on the day of the transfer, an accounting period of the transferor shall be treated as ending on that day;
(b)an accounting period of the transferor which ends (or is treated as ending) on the day of the transfer shall not be treated as the final accounting period during which the reinsurance arrangement concerned is in force;
(c)if there is no accounting period of the transferee beginning on, or immediately after, the day of the transfer an accounting period of the transferee shall be treated as beginning immediately after that day; and
(d)an accounting period of the transferee which begins on, or immediately after, (or is treated as beginning immediately after) the day of the transfer shall not be treated as the first accounting period during which the reinsurance arrangement concerned is in force.”.
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