SCHEDULES

F1F1F2SCHEDULE 19ABA

Annotations:
Amendments (Textual)
F1

Sch. 19ABA omitted (with effect in accordance with s. 148(1) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 46 (with Sch. 17)

Part 2MODIFICATIONS OF THIS ACT

Modification of section 444ABB (retained assets)

8B

1

Modify section 444ABB (retained assets) as follows.

2

In subsection (1)—

a

for “RL13” (in both places) substitute “ RL ”, and

b

in the definition of RL13 for “AL13” substitute “ APL ”.

3

In subsection (1A) for paragraphs (a) to (c) substitute—

a

APL is the amount of the profit or loss for the financial year shown in the balance sheet in the periodical return for the last period of account of the transferor ending before the transfer date, together with—

i

i)in the case of IAD accounts, the amount of profit or loss shown as brought forward in that balance sheet, and

ii

in the case of IAS accounts, the amount of retained earnings shown as brought forward in that balance sheet;

b

VE is the amount (if any) by which VA exceeds VTL where—

i

i)VA is the value of the assets transferred by the insurance business transfer scheme shown (or treated as shown) in the periodical return of the transferor for the period of account of the transferor including the transfer date, and

ii

VTL is the value of the liabilities transferred by the insurance business transfer scheme (but excluding those which arise from deposit back arrangements); and

c

relevant retained liabilities are any liabilities of the company's long-term business which are owed by the company immediately after the transfer date and are shown (or treated as shown)—

i

i)at items C3 (net of reinsurance) and G in IAD accounts, or

ii

at equivalent items in the balance sheet in IAS accounts.