Finance Act 1995
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
SCHEDULE 9 Transfer of Life Insurance Business
Section 53. Consequential amendment of references to sanctioned transfers 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modification of the Taxes Act 1988 in relation to overseas life insurance companies 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modification of the Capital Allowances Act 1990 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modification of the Taxation of Chargeable Gains Act 1992 4 In subsection (5) of section 213 of the Taxation of Chargeable Gains Act 1992 (spreading of gains and losses under section 212 where there is a transfer of long term business), at the beginning there shall be inserted “Subject to subsections (5A) to (7) below”; and after that subsection there shall be inserted the following subsection— (5A) Subsection (5) above shall not apply where the transferee is resident outside the United Kingdom unless the business to which the transfer relates is carried on by the transferee, for a period beginning with the time when the transfer takes effect, through a branch or agency in the United Kingdom. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 9 Transfer of Life Insurance Business
Section 53. Consequential amendment of references to sanctioned transfers 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modification of the Taxes Act 1988 in relation to overseas life insurance companies 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modification of the Capital Allowances Act 1990 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modification of the Taxation of Chargeable Gains Act 1992 4 In subsection (5) of section 213 of the Taxation of Chargeable Gains Act 1992 (spreading of gains and losses under section 212 where there is a transfer of long term business), at the beginning there shall be inserted “Subject to subsections (5A) to (7) below”; and after that subsection there shall be inserted the following subsection— (5A) Subsection (5) above shall not apply where the transferee is resident outside the United Kingdom unless the business to which the transfer relates is carried on by the transferee, for a period beginning with the time when the transfer takes effect, through a branch or agency in the United Kingdom. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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