18(1)Section 531 (gains from contracts for life insurance etc: cases where income tax not treated as paid) is amended as follows.
(2)In subsection (3)(a), for “tax exempt life or endowment business” substitute “exempt BLAGAB or eligible PHI business”.
(3)In subsection (4), for the definition of “tax exempt life or endowment business” substitute—
““exempt BLAGAB or eligible PHI business” has the same meaning as in Part 3 of FA 2012 (see sections 154 and 155).”