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15(1)Section 85 of FA 1989 is amended as follows.
(2)In subsection (2) (receipts excluded from charge under Case VI of Schedule D in respect of receipts referable to company’s basic life assurance and general annuity business) after paragraph (e) insert “; or
(f)any payment received under the Financial Services Compensation Scheme to enable the company to meet its obligations to policy holders.”.
(3)In subsection (2C) (rules as to whether receipt is referable to company’s basic life assurance and general annuity business for the purposes of subsection (1)) after paragraph (a) insert—
“(aa)in the case of a repayment or refund of expenses other than acquisition expenses, the expenses—
(i)were attributable to basic life assurance and general annuity business for the purposes of Step 1 in subsection (7) of the new section 76 (see subsection (8) of that section), or
(ii)fell to be deducted by virtue of subsection (1) of the old section 76;
and for this purpose, “the new section 76” and “the old section 76” have the same meaning as in section 44 of the Finance Act 2004 (see subsection (8) of that section),”.
(4)The amendments made by this paragraph have effect in relation to accounting periods ending on or after 16th March 2005.
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