636 Modifications of Chapter 5
Corporation Tax Act 2009 (2009 c 4) | Legislation

636  Modifications of Chapter 5

(1)     Chapter 5 (continuity of treatment on transfers within groups) has effect in relation to insurance companies with the following modifications.

(2)     Section 625(1)(a) (which sets out one of the conditions for that section to apply) has effect as if for “section 626(2)” there were substituted “section 626(2), (2A) or (2B)”.

(3)     Section 626 (transactions to which section 625 applies) has effect as if after subsection (2) there were inserted—

“(2A)     A transaction is within this subsection if it is a transfer between two companies of business consisting of the effecting or carrying out of contracts of long-term insurance which has effect under an insurance business transfer scheme.

(2B)     A transaction is within this subsection if it is a transfer between two companies which is a qualifying overseas transfer.

[(2C)     In subsection (2B) “qualifying

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