Paragraph 3

United Kingdom

(1)

Where the value of the assets mentioned in paragraph 2(1) above at the end of the period is less than the amount mentioned in paragraph 4 below (or where there are no assets within paragraph 2(1)), assets which—

(a)

are assets of the F1long-term insurance fund of the company at the end of the period,

(b)

have a value at that time equal to the difference (or to that amount), and

(c)

are designated in accordance with paragraph 5 below,

shall become assets of the overseas life assurance fund at the relevant time.

(2)

In sub-paragraph (1) above “the relevant time” means—

(a)

where the asset is not an asset of the long-term insurance fund of the company throughout the period, the time when it became such an asset, and

(b)

in any other case, the end of the period.

(3)

Where the value of the assets mentioned in paragraph 2(1) above at the end of the period is greater than the amount mentioned in paragraph 4 below, assets which—

(a)

are assets of the long-term insurance fund of the company at the end of the period,

(b)

have a value at that time equal to the difference, and

(c)

are designated in accordance with paragraph 5 below,

shall cease to be assets of the overseas life assurance fund at the end of the period.

Annotations

Textual amendments

F1: Words in Sch. 19AA para. 3(1)(a)(2)(a)(3)(a) substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 52(1)(k)(ii)

Notes on Schedule 19AA

Textual amendments

F1: Sch. 19AA repealed (with effect in accordance with s. 38(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 7 para. 55, Sch. 27 Pt. 2(7), Note (with Sch. 7 Pt. 2)
F2: Sch. 19AA inserted (for accounting periods beginning on or after 1 January 1990) by Finance Act 1990 (c. 29), Sch.7 paras. 6, 10