# The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2007, Article 8: Amendment of the Income and Corporation Taxes Act 1988


(1) Amend section 432G (section 432B: apportionment of business transfer-in) as follows.
(2) In subsection (2)—
(a) after “each of those categories” insert “(but taking that amount to be nil if it would otherwise be below nil)”;
(b) at the end insert “This is subject to subsection (3) below.”.
(3) After subsection (2) add—
“(3) If the whole of the liabilities transferred is nil then the business transfer-in shall be apportioned to the categories of business of the transferee in such proportions as are just and reasonable.”.

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Source: https://www.legislation.gov.uk/uksi/2007/1031/article/8 (the official version)
Page: https://openlegislation.uk/insurance-companies-corporation-tax-acts-amendment-order-2007/article-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.