Citation, commencement and effect

1. —(1) These Regulations may be cited as the Insurance Companies (Amendment to Schedule 17 to the Finance Act 2012 (Transitional Provision)) Regulations 2013 and come into force on 30th September 2013.

(2) These Regulations have effect in relation to transfers taking place on or after that date.

Amendment to Schedule 17 to the Finance Act 2012

2. —(1)Schedule 17 to the Finance Act 2012(transitional provision related to Part 2 of Act) is amended as follows.

(2) In paragraph 22 (disregard of amounts previously taken into account for tax purposes), at the end insert—

“ (3) If the business mentioned in sub-paragraph (1) (or any part of that business) is transferred under an insurance business transfer scheme to another insurance company—

(a) references in sub-paragraph (2) to the company include the transferee, and

(b) references in sub-paragraph (2) to the amount include an amount that derives from the amount mentioned in sub-paragraph (1) and include so much of an amount as is taken into account in any calculation required under section 129(6)(a) or (b) and as is referable to the amount mentioned in sub-paragraph (1) (and, accordingly, section 129(7) is subject to the operation of this paragraph). ”