116 UK life insurance companies
Finance Act 2012 (2012 c 14) | Legislation

Chapter 8
Assets Held for Purposes of Long-term Business

Transfers of assets from different categories

116  UK life insurance companies

(1)     If, at any time in a period of account of a UK life insurance company, an asset (or a part of an asset) held by the company—

(a)     ceases to be within one of the long-term business categories, and

(b)     comes within another of those categories,

the company is treated for the purposes of corporation tax on chargeable gains as if it had disposed of and immediately re-acquired

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