Article 2 Amendment of section 82F of the Finance Act 1989

Amend section 82F of the Finance Act 1989 (section 82D: treatment of transferees under insurance business transfer schemes)^f1 as follows.

After subsection (5) insert—

“(5A)

But where the numerator of the relevant fraction, in relation to any of the transferees, is negative, the amount to be brought into account as mentioned in subsection (5) in the case of each of the transferees is such proportion of the appropriate amount as is just and reasonable to attribute to each transferee.”.