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3.—(1) Regulation 5 (modifications of section 76 of the Income and Corporation Taxes Act 1988)(1) is amended as follows.
(2) In paragraph (2), in sub-paragraphs (i) and (ii) of paragraph (b) of the substituted subsection (3), for “profit and loss account” substitute “long-term business technical account”.
(3) After paragraph (4) add—
“(5) In subsection (15)(2), after the definition of “expenses payable” insert—
““long-term business technical account” means the technical account for life-assurance business included in IAD accounts, or where the technical account included in the IAD accounts for non-life-insurance business of the company is used for all business, such part of that account as relates to the long-term business of the company;”.”
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