SCHEDULES
F2F2F1SCHEDULE 19AA
Sch. 19AA inserted (for accounting periods beginning on or after 1 January 1990) by Finance Act 1990 (c. 29), Sch.7 paras. 6, 10
2
1
Assets of a company at the end of a period of account which—
a
were assets of the overseas life assurance fund at the end of the immediately preceding period of account, and
b
are assets of the F4long-term insurance fund of the company throughout the period,
shall be assets of the overseas life assurance fund throughout the period C1.
2
Where in a period of account assets of a company which were assets of the overseas life assurance fund at the end of the immediately preceding period of account are disposed of by the company, or otherwise cease to be assets of the F4long-term insurance fund of the company, they shall be assets of the overseas life assurance fund from the beginning of the period until they are disposed of or, as the case may be, they cease to be assets of the F4long-term insurance fundC1.
3
Where—
a
in any period of account assets are acquired by a company as assets of the F4long-term insurance fund , or otherwise become assets of that fund,
b
the assets are disposed of by the company, or otherwise cease to be assets of that fund, later in the same period,
c
d
it is appropriate having regard to all the circumstances (including a comparison between the relationship of the value of the assets of the overseas life assurance fund and the liabilities of the overseas life assurance business and that of the value of the assets of the F4long-term insurance fund and the liabilities of the company’s F5long-term business) that they be assets of the overseas life assurance fund,
they shall be assets of the overseas life assurance fund for the part of the period during which they are assets of the F4long-term insurance fund.
Sch. 19AA repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 55, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)