PART 2AMENDMENTS TO PRIMARY LEGISLATION

The Income and Corporation Taxes Act 1988 (c. 1)

Transfer of assets etc.

28.—(1) In section 440(2) (transfer of assets of insurance company)(1) for paragraph (a) substitute—

(a)an asset is acquired by a company as a result of an insurance business transfer scheme which has effect to transfer long-term business from any person (“the transferor”) to the company, and.

(2) 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.

(1)

Section 440(2) was amended by paragraph 1(1) and (2)(b) of Schedule 9 to the Finance Act 1995.