Section 211B Transfers of assets to certain collective investment schemesF1

an asset of an insurance company is made subject to a collective investment scheme which is—

that is wholly in exchange for the company being issued with units in the scheme, and

the condition in subsection (3) is met.

as having disposed of the asset mentioned in subsection (1)(a) for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the company, and

as having acquired the units mentioned in subsection (1)(b) for a consideration of the same amount.

immediately before the asset mentioned in subsection (1)(a) is made subject to the scheme, the asset was an asset held by the company for the purposes of its long-term business within one of the long-term business categories, and

immediately after the asset is made subject to the scheme, the units mentioned in subsection (1)(b) are assets held by the company for the purposes of its long-term business within the same category.

if the company is a UK life insurance company, a long-term business category set out in section 116(2) of the Finance Act 2012 (subject to section 116(3)), or

if the company is an overseas life insurance company, a UK long-term business category set out in section 117(2) of that Act (subject to section 117(3)).