Regulation 3 Amendment of regulation 2

In regulation 2 (interpretation), insert at the end—

““qualifying transfer” means—

(a)

a transaction to which section 343(1) of the Income and Corporation Taxes Act 1988^f1 (company reconstruction without a change of ownership) applies,

(b)

a transaction to which that section would apply if for “trade” there were substituted “investment business or property business”, or

(c)

a transfer of a business which consists of the effecting or carrying out of contracts of long-term insurance from one person to another person (“the transferee”);

“successor” has the meaning given by section 343(1) of the Income and Corporation Taxes Act 1988;

“transferee” shall be construed in accordance with paragraph (c) of “qualifying transfer”.”