33.—(1) In relation to an overseas life insurance company, the Finance (No. 2) Act 1992(1) shall have effect as if it were subject to the following modifications.
(2) In section 65 (life assurance business: I minus E basis) omit subsection (2)(ab)(2) .
Section 65(2)(ab) was inserted by section 23 of, and paragraph 15 of Schedule 3 to, the Finance (No.2) Act 1997 (c. 58).