10(1)In section 431(2) of ICTA (interpretative provisions relating to insurance companies) insert at the appropriate place—U.K.
““fair value”, in relation to assets, means the amount which would be obtained from an independent person purchasing them or, if the assets are money, its amount;”.
(2)In section 440 of ICTA (transfer of assets etc)—
(a)in subsections (1) and (2), for “market” substitute “ fair ”, and
(b)omit subsection (5).
(3)Omit—
(a)section 444AB(6) of ICTA (as originally enacted),
(b)in section 444AC(11) of that Act (as originally enacted), the words from the beginning to the end of the definition of “fair value”,
(c)section 444AD(5) of that Act,
(d)in section 83(8) of FA 1989, in the definition of “fair value”, paragraph (a), and
(e)section 83YB(5) of that Act.