SCHEDULES

SCHEDULE 18Part 3: consequential amendments

18Income Tax (Trading and Other Income) Act 2005

1

Section 531 (gains from contracts for life insurance etc: cases where income tax not treated as paid) is amended as follows.

2

In subsection (3)(a), for “tax exempt life or endowment business” substitute “exempt BLAGAB or eligible PHI business”.

3

In subsection (4), for the definition of “tax exempt life or endowment business” substitute—

  • “exempt BLAGAB or eligible PHI business” has the same meaning as in Part 3 of FA 2012 (see sections 154 and 155).