# The Overseas Life Insurance Companies Regulations 2006, Regulation 11: Modifications of the Income and Corporation Taxes Act


(1) Modify section 440 (transfers of assets etc) as follows.
(2) In subsection (2), in paragraph (b), for “is within another of those categories” substitute “is not within the corresponding category”.
(3) In subsection (4)—
(a) in paragraphs (a) to (f) before “assets” insert “UK”, and
(b) at the end insert—
“(g) assets of the company which are not UK assets.”.
(4) After subsection (4) insert—
“(4AA) Section 13 of the Capital Allowances Act (use for qualifying activity of plant or machinery provided for other purposes) shall apply in relation to any case in which an asset or part of an asset held by an overseas life insurance company—
(a) ceases to be within the category set out in paragraph (g) of subsection (4) above; and
(b) at the same time comes within another of the categories set out in that subsection.”.
(5) At the end insert—
“(7) For the purposes of this section UK assets are assets which fall to be attributed, for the purposes of section 11AA(2), to the permanent establishment in the United Kingdom through which the company carries on life assurance business.
(8) Where the transferor company mentioned in subsection (2) is an overseas life insurance company, this section shall have effect, as regards the time immediately before the acquisition.
(9) Where the acquiring company mentioned in subsection (2) is an overseas life insurance company, this section shall have effect as regards the time immediately after the acquisition.”.

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Source: https://www.legislation.gov.uk/uksi/2006/3271/regulation/11 (the official version)
Page: https://openlegislation.uk/overseas-life-insurance-companies-regulations-2006/regulation-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.