Section 187 | Transfer of insurance business

(1)This section applies if—

(a)an asset to which section 185 or 186 applies is transferred from one insurance company to another,

(b)the transfer is made under an insurance business transfer scheme, and

(c)immediately after the transfer, the transferee is UK resident or the asset is held for the purposes of a business carried on by the transferee in the United Kingdom through a permanent establishment.

(2)For the purposes of section 185, the asset is not to be treated as realised by the transferor merely because of its transfer under the scheme.

(3)If the transfer is of the transferor's whole business, the transferee is responsible under section 185 or 186 for bringing into account any amount required to be brought into account after the transfer.