The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2008

• Citation: S.I. 2008/1905
• Sections: 2

Section 1 Citation, commencement and effect

(1) This Order may be cited as the Insurance Companies (Corporation Tax Acts) (Amendment) Order 2008 and shall come into force on 8th August 2008.

(2) This Order has effect in relation to transfers of long-term business made on or after that date.

Section 2 Amendment of section 82F of the Finance Act 1989

(1) Amend section 82F of the Finance Act 1989 (section 82D: treatment of transferees under insurance business transfer schemes) as follows.

(2) After subsection (5) insert—

(5A) But where the numerator of the relevant fraction, in relation to any of the transferees, is negative, the amount to be brought into account as mentioned in subsection (5) in the case of each of the transferees is such proportion of the appropriate amount as is just and reasonable to attribute to each transferee.