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11.—(1) Regulation 13 (modifications of section 440B of the Income and Corporation Taxes Act 1988) is amended as follows.
(2) In paragraph (a), in the substituted subsection (3), for “Section 440(1) and (2) have” substitute “Subsection (1) of section 440 has”.
(3) In paragraph (b), in the substituted subsection (4)—
(a)for “to (e)” substitute “, (d) and (e)”, and
(b)for paragraph (a) substitute—
“(a)so many of the UK securities as are included in the company’s long-term insurance fund shall be treated for the purposes of corporation tax as a separate holding which is an asset of that fund,”.
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