SCHEDULES

SCHEDULE 17Insurance companies etc

Commencement of Schedule 9 to FA 2007

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1

Paragraph 17 of Schedule 9 to FA 2007 (transfers: commencement) is amended as follows.

2

In sub-paragraph (2), for “9, 10(3) to (5),” substitute “ 10(5), ”.

3

In sub-paragraph (3)—

a

after “effect” insert “ (a) ”, and

b

insert at the end

and

b

in relation to periods of account ending after 30 June 2008 where the transfer of business or demutualisation concerned took place on or after 21 March 2007 and before 1 July 2008.

4

After sub-paragraph (4) insert—

4A

The amendment made by paragraph 9 has effect in relation to contracts entered into in a period of account beginning on or after 1 January 2008.

5

Insert at the end—

6

The amendments made by paragraph 10(3) and (4) have effect in relation to assets transferred on or after 1 January 2008.