Statutory Instruments
2008 No. 1905
Corporation Tax
The Insurance Companies (Corporation Tax Acts) (Amendment) Order 2008
Made
17th July 2008
Laid before the House of Commons
18th July 2008
Coming into force
8th August 2008
The Treasury make the following Order in exercise of the powers conferred by section 431A(1) and (6) of the Income and Corporation Taxes Act 1988( 1 ).
Citation, commencement and effect
1. —(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.
Amendment of section 82F of the Finance Act 1989
2. —(1) Amend section 82F of the Finance Act 1989(section 82D: treatment of transferees under insurance business transfer schemes)( 2 ) 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. ” .
Claire Ward
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
17th July 2008
1988 c. 1 ; section 431A was inserted by paragraph 2 of Schedule 6 to the Finance Act 1990 (c. 29) , substituted by paragraph 3 of Schedule 9 to the Finance (No. 2) Act 2005 (c. 22) and amended by paragraph 12 of Schedule 10 to the Finance Act 2007 (c. 11) .
1989 c. 26 ; section 82F was inserted by article 13 of S.I. 2007/1031 .