29 Transfer of whole or part of the business
Finance Act 2012 (2012 c 14) | Legislation

29  Transfer of whole or part of the business

(1)     If—

(a)     an insurance company carries on a business,

(b)     amounts fall to be treated as receipts of the business as a result of section 26(4) (“deemed receipts”), and

(c)     under an insurance business transfer scheme there is a transfer of the whole or part of the business to another insurance company within the charge to corporation tax,

the transferor and the transferee may jointly make an election for those deemed receipts to be allocated between them in accordance with the following provisions.

(2)     If the transfer is a transfer of the whole of the business or substantially the whole of the business—

(a)     section 26(6) does not apply in relation to the transferor (if it would otherwise have applied),

(b)     the deemed receipt

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