Regulation 8 Substitution of regulation 14A

For regulation 14A (modification of section 444ABD of the Income and Corporation Taxes Act 1988)^f1 substitute—

“14A.

(1)

In a case where the transferor is an EEA firm or a Treaty firm, modify section 444ABD (transferor’s period of account including transfer)^f2 as follows.

(2)

In subsection (1), for paragraphs (a) and (b) substitute—

“(a)

the value of the liabilities transferred by the insurance business transfer scheme (but excluding those which arise from deposit back arrangements), exceeds

(b)

the value, immediately before the transfer, of the assets transferred by the insurance business transfer scheme,”.

(3)

In subsection (1E) for “amount” (in the first place) substitute “value”.”.