Amendment of regulation 2
3. In regulation 2 (interpretation), insert at the end—

““qualifying transfer” means—
(a) a transaction to which section 343(1) of the Income and Corporation Taxes Act 1988 (company reconstruction without a change of ownership) applies,
1988 c. 1.
(b) a transaction to which that section would apply if for “trade” there were substituted “investment business or property business”, or
(c) a transfer of a business which consists of the effecting or carrying out of contracts of long-term insurance from one person to another person (“the transferee”);
“successor” has the meaning given by section 343(1) of the Income and Corporation Taxes Act 1988;
“transferee” shall be construed in accordance with paragraph (c) of “qualifying transfer”.”