SCHEDULE 10 Insurance Companies: Miscellaneous
Finance Act 2007 (2007 c 11) | Legislation

SCHEDULE 10 Insurance Companies: Miscellaneous

Section 41

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“Structural†assets

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(1)     .Ìý.Ìý.

(2)     In ICTA, omit section 444ACA (transfers of business).

(3)     In section 432E(2A) of that Act, omit “444ACA(2),†and paragraph (b).

(4)     In section 211 of TCGA 1992 (transfers of business: application of section 139 of that Act), as amended by paragraph 14 of Schedule 9 to this Act, after subsection (2) insert—

“(2A)     The reference in subsection (2) above to assets included in the transfer does not include structural assets within the meaning of section 83XA of the Finance Act 1989.â€

(5)     In paragraph 17 of Schedule 7AC to TCGA 1992 (substantial shareholdings exemption: special rules for assets of insurance company's long-term insurance fund), after sub-paragraph (4) insert—

“(4A)     The reference in sub-paragraph (2) to an asset of the investing company's long-term insurance fund, and the references in sub- paragraphs (3) and (4) to shares or an interest in shares held as assets of its long-term insurance fund, do not include a structural asset, or structural assets, within the meaning of section 83XA of the Finance Act 1989.â€

Losses on disposal of authorised investment fund assets to connected manager

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