7(1)In ITTOIA 2005, section 468 (gains from contracts of life insurance etc: non-UK resident trustees and foreign institutions) is amended as follows.U.K.
(2)In subsection (2) (section 740 of ICTA to apply with the modifications in subsection (3) or (4))—
(a)for “Section 740” substitute “ Sections 739 and 740 ”,
(b)for “prevents” substitute “ prevent ”,
(c)for “applies” substitute “ apply ”.
(3)In subsection (3) (cases within subsection (1)(a)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.
(4)In subsection (4) (cases within subsection (1)(b)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.
(5)The amendments made by this paragraph apply in relation to gains treated as arising on or after 5th December 2005.