Article 94 Loan relationships: continuity of treatmentI1

Amend paragraph 12 of Schedule 9 (loan relationships: continuity of treatment) as follows.

In sub-paragraph (1) for paragraph (c) substitute—

“(c)

a transfer between two companies of business consisting of the effecting or carrying out of contracts of long-term insurance which has effect under an insurance business transfer scheme;”.

For paragraph (9) substitute—

“(9)

In this paragraph—

• “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;

• “insurance business transfer scheme” means 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;

• “overseas life insurance company” has the same meaning as in Chapter 1 of Part 12 of the Taxes Act 1988.”.

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.