Section 128 | Relief for transferee in respect of transferor's excess BLAGAB expenses

(1)This section applies if, under an insurance business transfer scheme, there is a transfer of basic life assurance and general annuity business (or any part of that business) from one insurance company to another.

(2)Repealed^F1

(3)Repealed^F1

(4)Repealed^F1

(5)Relief at step 5 in section 76 is to be given to the transferee for any excess BLAGAB expenses for which, on the assumptions set out below, that relief would have been given to the transferor for an accounting period starting after the date of the transfer.

(6)For the purposes of this section it is to be assumed that—

(a)the transferor had continued to carry on the transferred business after the transfer, and

(b)the transferor had an accounting date ending with the date of the transfer (if that would not otherwise be the case).

(7)If the transfer is a transfer of part of the business, references in this section to any expenses are to be read as references to the appropriate part of the expenses.

(8)Any relief given to the transferee as a result of this section is instead of any relief that would otherwise have been given to the transferor.