Modifications of section 440
This section has no associated Explanatory Memorandum
10.—(1) Section 440 (transfers of assets etc)(1) is modified as follows.
(2) In subsection (4)—
(a)after paragraph (a) insert—
“(b)assets which are linked solely to tax exempt life assurance business;”, and
(b)in paragraph (e), for “either” substitute “any”.
(1)
Sections 440 and 440A were substituted for section 440 by paragraph 8 of Schedule 6 to the Finance Act 1990. Section 440 was relevantly amended by paragraph 5(3) of Schedule 8 to the Finance Act 1995 and paragraph 31 of Schedule 7 to the Finance Act 2007.