118 Transfers of business and transfers within a group
Finance Act 2012 (2012 c 14) | Legislation

118  Transfers of business and transfers within a group

(1)     If—

(a)     as a result of an insurance business transfer scheme transferring long-term business, a UK life insurance company or an overseas life insurance company acquires an asset, and

(b)     the asset (or part of it) is within one of the applicable categories at the time immediately before the acquisition but is not within that category immediately after that time,

the transferor is treated for the purposes of corporation tax on chargeable gains as if it had disposed of and immediately re-acquired the asset (or part) at the time immediately before the acquisition.

(2)

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