Commentary

D7.5161A Taxing the transferor – Non-profit fund transferred assets

Corporate tax
Corporate tax | Commentary

D7.5161A Taxing the transferor – Non-profit fund transferred assets

Corporate tax | Commentary

D7.5161A Taxing the transferor – Non-profit fund transferred assets

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

The relevant amount for non-profit fund transferred assets is set out in ICTA 1988, s 444ABAA1. Like many of the rules for taxing transfers of insurance business, the legislation adopts a formulaic approach using entries in the transferor's regulatory return.

The amount of non-profit fund retained assets is the result of the arithmetic FVA – (ABTO + TL) where—

where:

  1.  

         FVA is the fair

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial