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Finance Act 2012
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132Anti-avoidance
This section has no associated Explanatory Notes
(1)This section applies if—
(a)under an insurance business transfer scheme, there is a transfer on or after 1 January 2013 from one insurance company to another of basic life assurance and general annuity business (or any part of that business) or non-BLAGAB long-term business (or any part of that business), and
(b)the main purpose, or one of the main purposes, of a company (“C”) in entering into one or more of the arrangements included in the insurance business transfer arrangements is an unallowable purpose.
(2)The “insurance business transfer arrangements” consist of—
(a)the insurance business transfer scheme under which the transfer is made, and
(b)any arrangement entered into on or after 1 January 2013 with a connection (direct or indirect) to that scheme.
(3)A purpose is an “unallowable purpose” if—
(a)it consists of securing a tax advantage for C or any other company, or
(b)it is not amongst C’s business or other commercial purposes.
(4)There are to be made such adjustments of any income or gains chargeable to corporation tax as are required to negate any tax advantage arising to C or any other company so far as referable to the unallowable purpose on a just and reasonable apportionment.
(5)For the purposes of this section—
(a)“arrangement” includes any agreement, scheme, transaction or understanding (whether or not legally enforceable), and
(b)section 1139 of CTA 2010 (meaning of “tax advantage”) applies, but reading references to tax as references to corporation tax.
(6)If C is not within the charge to corporation tax in respect of a part of its activities, C’s business or other commercial purposes for the purposes of this section do not include the purposes of that part of its activities.
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