SCHEDULES

SCHEDULE 9 Transfer of Life Insurance Business

Section 53.

Consequential amendment of references to sanctioned transfers

1

1

In the enactments specified in sub-paragraph (2) below, for the words “section 49 of the M1Insurance Companies Act 1982”, in each place where they occur, there shall be substituted “ Part I of Schedule 2C to the Insurance Companies Act 1982 ”.

2

The enactments mentioned in sub-paragraph (1) above are—

F1a

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F1b

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F1c

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d

sections F2. . ., F6... of the M2Taxation of Chargeable Gains Act 1992 (transfers of business).

F73

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Modification of the Taxes Act 1988 in relation to overseas life insurance companies

F42

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Modification of the Capital Allowances Act 1990

F33

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Modification of the Taxation of Chargeable Gains Act 1992

4

In subsection (5) of section 213 of the M3Taxation of Chargeable Gains Act 1992 (spreading of gains and losses under section 212 where there is a transfer of long term business), at the beginning there shall be inserted “Subject to subsections (5A) to (7) below”; and after that subsection there shall be inserted the following subsection—

5A

Subsection (5) above shall not apply where the transferee is resident outside the United Kingdom unless the business to which the transfer relates is carried on by the transferee, for a period beginning with the time when the transfer takes effect, through a branch or agency in the United Kingdom.

F85

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F56

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