147(1)Section 298 (meaning of trade and purposes of trade) is amended as follows.
(2)In subsection (3)—
(a)at the end of paragraph (a), insert “or”, and
(b)omit paragraph (c) (together with the “or” before it).
(3)After subsection (5) insert—
“(6)In the case of activities carried on by a company in the course of any basic life assurance and general annuity business, provision corresponding to that made by subsection (3) is made by section 88 of FA 2012 for the purpose of applying the I - E rules.”