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CTA 2010 is amended as follows.

In section 1(4) (overview of Act) omit the “and” at the end of paragraph (g), insert “, and” at the end of paragraph (h) and after that paragraph insert—

After Part 21 insert—

“Part 21A
Risk Transfer Schemes

Introduction

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This Part contains rules about the treatment of certain losses made by companies as a result of risk transfer schemes.

937B Group schemes and single company schemes

(1)     A risk transfer scheme may be—

(2)     A risk transfer scheme to which a company (“company A”) is a party is a “group scheme” if at least one company other than company A is at any time both—

(3)     In this Part “the relevant group” means—

(4)