Regulation 6 Amendment of regulation 15

For regulation 15 (modification of section 444AC of the Income and Corporation Taxes Act 1988) substitute—

“15.

(1)

Modify section 444AC (transfers of business: excess of assets or liabilities)^f1 as follows.

(2)

In subsections (2)(a), (2A)(b) and (5)(b), in a case where the transferee is an EEA firm or a Treaty firm, for “transferee’s line 31 amount in relation to the transfer” substitute “value of the assets transferred to the transferee’s long-term insurance fund in consideration of the assumption by the transferee of the liabilities to policy holders and annuitants”.

(3)

In subsection (5A), in a case where the transferor is an EEA firm or a Treaty firm—

(a)

for the words from “means— ” to “other” substitute “means, in relation to an overseas life insurance company where the company is an EEA firm or a Treaty firm,”; and

(b)

omit “(in either case)”.

15A.

In section 444AD(4)(b) (transfers of business: modification of s 83(2B) FA 1989)^f2, in a case where the transferee is an EEA firm or a treaty firm, for the words from “transferee’s” to “fund” substitute “value of the assets transferred to the transferee’s long-term insurance fund in consideration of the assumption by the transferee of the liabilities to policy holders and annuitants”.”