Section 89 of the Finance Act 1989U.K.
19(1)Section 89 of the Finance Act 1989 (policy holders’ share of profits) shall be amended as follows.U.K.
(2)In subsection (2), paragraph (c) (which provides for Case I profits to be reduced by the shareholders’ share of any foreign income dividends from investments held in connection with life assurance business) shall cease to have effect.
(3)Subsection (2A) (which explains certain expressions used in subsection (2)(c)) shall cease to have effect.
(4)This paragraph has effect in relation to distributions made on or after 6th April 1999.