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Paragraph 85 F1

United Kingdom

(1)

This paragraph applies where a loss F2... is treated by virtue of section 444AZA of ICTA as a loss of the transferee ....

(2)

Where any F3 losses so treated would (assuming the transferor had continued to carry on the business transferred after the transfer) have been losses to which paragraph 81(1) would have applied, the amount of such losses to be treated as F4 losses of the transferee in any period of account must not exceed—

GRBP×PBTLGRBTL

where—

  • “GRBP” has the same meaning as in section 444AZA(2) of ICTA,

  • “PBTL” is the mean of the opening and closing liabilities of the transferred pension business for the period of account, and

  • “GRBTL” is the mean of the opening and closing liabilities of the transferred gross roll-up business for the period of account.

Annotations

Textual amendments

F1

Sch. 7 paras 85, 86 and cross-headings added (with effect in accordance with art. 1(5) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 30

F2

Words in Sch. 7 para. 85(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 725(2)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F3

Words in Sch. 7 para. 85(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 725(2)(b)(i) (with Sch. 2 Pts. 1, 2)

F4

Words in Sch. 7 para. 85(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 725(2)(b)(ii) (with Sch. 2 Pts. 1, 2)

Notes on Losses transferred under section 444AZA

Textual amendments

F2

Sch. 7 para. 85 cross-heading substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 725(3) (with Sch. 2 Pts. 1, 2)