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Clause 130 - Transfers between non-group companies: present value of in-force business

Finance Bill – in a Public Bill Committee at 11:15 am on 19th June 2012.

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Amendments made: 139, in clause 130, page 78, line 27, at beginning insert ‘either’.

Amendment 140, in clause 130, page 78, line 28, at end insert ‘or, if they are, the transfer consists of or includes a with-profits fund transfer within the meaning of section129(5E),’.

Amendment 141, in clause 130, page 78, line 31, leave out ‘business (or part of the business) transferred’ and insert ‘relevant transferred business’.

Amendment 142, in clause 130, page 78, line 38, at end insert—

‘(2A) In subsection (1)(c) “the relevant transferred business” means—

(a) if the transferor and transferee are not members of the same group of companies when the transfer occurs, the business (or part of the business) transferred under the insurance business transfer scheme, and

(b) if the transfer consists of or includes a with-profits fund transfer, the business transferred by the with- profits fund transfer.’.

Amendment 143, in clause 130, page 78, line 41, leave out from ‘apply’ to end of line 42 and insert ‘so far as section 129(5) applies in relation to the transfer.’.— (Mr Hoban.)

Clause 130, as amended, ordered to stand part of the Bill.

Clauses 131 to 146 ordered to stand part of the Bill.