{
  "url": "https://openlegislation.uk/overseas-life-insurance-companies-amendment-no-2-regulations-2007/regulation-6",
  "json_url": "https://openlegislation.uk/overseas-life-insurance-companies-amendment-no-2-regulations-2007/regulation-6.json",
  "legislation": "uksi/2007/3449",
  "legislation_title": "The Overseas Life Insurance Companies (Amendment No. 2) Regulations 2007",
  "legislation_url": "https://openlegislation.uk/overseas-life-insurance-companies-amendment-no-2-regulations-2007",
  "path": "regulation/6",
  "kind": "regulation",
  "number": "6",
  "heading": "Amendment of regulation 15",
  "text": "For regulation 15 (modification of section 444AC of the Income and Corporation Taxes Act 1988) substitute—\n“15. (1) Modify section 444AC (transfers of business: excess of assets or liabilities) as follows.\n(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”.\n(3) In subsection (5A), in a case where the transferor is an EEA firm or a Treaty firm—\n(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\n(b) omit “(in either case)”.\n15A. In section 444AD(4)(b) (transfers of business: modification of s 83(2B) FA 1989), 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”.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 444AC was inserted by paragraph 20(1) of Schedule 33 to the Finance Act 2003 and relevantly amended by paragraph 7 of Schedule 9 to the Finance (No. 2) Act 2005, paragraph 3(5) of Schedule 11 to the Finance Act 2006 (c. 25) and S.I. 2006/3270."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Section 444AD was inserted by paragraph 20(1) of Schedule 33 to the Finance Act 2003 and relevantly amended by S.I. 2006/3270."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2007/3449/regulation/6",
    "retrieved_at": "2026-10-29T03:39:57.919839+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}