14(1)Section 89 of the M1Finance Act 1989 (policy holders’ share of profits) shall be amended as follows.E+W+S+N.I.
(2)In subsection (2)—
(a)paragraph (a) (which provides for Case I profits to be reduced by unrelieved franked investment income in respect of which an election under section 438(6) has been made) shall cease to have effect;
(b)in paragraph (b) (which provides for Case I profits to be reduced by the shareholders’ share of any other unrelieved franked investment income from investments held in connection with life assurance business)—
(i)the words “other unrelieved” shall cease to have effect; and
(ii)for “from investments held in connection with the company’s life assurance business” there shall be substituted “ which is referable to the company’s basic life assurance and general annuity business ”; and
(c)in paragraph (c) (which provides for Case I profits to be reduced by the shareholders’ share of foreign income dividends in respect of such investments) for “in respect of investments held in connection with the company’s life assurance business” there shall be substituted “ which are referable to the company’s basic life assurance and general annuity business ”.
(3)Subsection (8) (meaning of “unrelieved” franked investment income) shall cease to have effect.
(4)This paragraph has effect in relation to distributions made on or after 2nd July 1997.
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