48After paragraph 14 of Schedule 19AC to the Taxes Act 1988 insert—
“14A(1)In Schedule 19AA, paragraph 5(5)(c) (and the reference to it in paragraph 2(3) of that Schedule) shall be treated as omitted.
(2)The following paragraph shall be treated as inserted at the end of that Schedule—
“6In its application to an overseas life insurance company this Schedule shall have effect as if—
(a)the references in paragraphs 2 and 3 to assets of the long term business fund were to such of the assets as are—
(i)section 11(2)(b) assets;
(ii)section 11(2)(c) assets; or
(iii)assets which by virtue of section 11B are attributed to the branch or agency in the United Kingdom through which the company carries on life assurance business; and
(b)the references in paragraphs 2 and 4 to the liabilities of the company’s long term business were to such of those liabilities as are attributable to the branch or agency;
and any expression used in this paragraph to which a meaning is given by section 11A has that meaning.”.”.