# Income and Corporation Taxes Act 1988, Paragraph 3

Extent: E+W+S+N.I.

(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 long-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.

---
Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/19AA/paragraph/3 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-19AA/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.