Schedule 7 | Transfer of assets abroad

Income and Corporation Taxes Act 1988

Amendments of ICTA: introductory

(1)Repealed

Section 741: application subject to sections 741B and 741C

(2)Repealed

Exemption from sections 739 and 740: new provision

(3)Repealed

Application of sections 741 and 741A

(4)Repealed

Just and reasonable apportionment in certain cases

(5)Repealed

Section 742: interpretation of the Chapter

(6)Repealed

ITTOIA 2005

Gains from contracts for life insurance etc

(1)In ITTOIA 2005, section 468 (gains from contracts of life insurance etc: non-UK resident trustees and foreign institutions) is amended as follows.

(2)In subsection (2) (section 740 of ICTA to apply with the modifications in subsection (3) or (4))—

(a)for “Section 740” substitute “ Sections 739 and 740 ”,

(b)for “prevents” substitute “ prevent ”,

(c)for “applies” substitute “ apply ”.

(3)In subsection (3) (cases within subsection (1)(a)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.

(4)In subsection (4) (cases within subsection (1)(b)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.

(5)The amendments made by this paragraph apply in relation to gains treated as arising on or after 5th December 2005.