PART 2AMENDMENTS TO PRIMARY LEGISLATION
The Income and Corporation Taxes Act 1988 (c. 1)
Transfers of insurance business14
1
Amend section 12 (basis of, and periods for, assessment)13, as follows.
2
In subsection (7A) for the words from “there” to “1982” substitute “an insurance business transfer scheme has effect to transfer from a company to another person business which consists of the effecting or carrying out of contracts of long-term insurance”.
3
After subsection (7A) insert—
7B
In subsection (7A) above—
“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and
“insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000 and—
- a
includes an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section, but
- b
does not include a scheme for the transfer of business carried on by one or members or former underwriting members of Lloyd's.
4
This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.