ICTA
2(1)Subsection (1C) of section 437 (general annuity business: income limit) is amended as follows.
(2)In paragraph (b)(ii), omit “capital elements and”.
(3)Omit paragraph (c).
(4)In paragraph (d), for the words after “2005” substitute “are so much of the payments under the new annuities as would be within the exemption in subsection (1) of that section if—
(i)section 718 of that Act were omitted, and
(ii)that exemption were an exemption applying in relation to companies as well as individuals.”