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88(1)Schedule 7AC (exemptions for disposals by companies with substantial shareholdings) is amended as follows.U.K.
(2)In paragraph 6(1)(c), for “section 440(1) or (2) of the Taxes Act” substitute “ any of sections 116 to 118 of the Finance Act 2012 ”.
(3)Paragraph 17 is amended as follows.
(4)In sub-paragraph (2), for “of its long-term insurance fund” substitute “ held by it for the purposes of its long-term business ”.
(5)In sub-paragraph (3)(b), for “of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.
(6)In sub-paragraph (4), for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.
(7)In sub-paragraph (4A)—
(a)for “of the investing company's long-term insurance fund” substitute “ held by the investing company for the purposes of its long-term business ”,
(b)for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”, and
(c)for “a structural asset, or structural assets, within the meaning of section 83XA of the Finance Act 1989” substitute “ an asset or assets which formed part of the long-term business fixed capital of the company in question ”.
(8)In the italic heading before that paragraph, for “insurance company's long-term insurance fund” substitute “ insurance company held for the purposes of its long-term business ”.