# The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) (No. 2) Regulations 2007, 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 (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”.”

---
Source: https://www.legislation.gov.uk/uksi/2007/3432/regulation/3 (the official version)
Page: https://openlegislation.uk/loan-relationships-and-derivative-contracts-change-of-accounting-practice-amendment-no-2-regulations-2007/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.