SCHEDULES

SCHEDULE 8Life assurance business

Part IGeneral amendments

Classes of life assurance business

5

1

Section 440 of the Taxes Act 1988 is amended as follows.

2

In subsection (3) for “paragraphs (a) to (d)” substitute “paragraphs (a) to (e)”.

3

For subsection (4) substitute—

4

The categories referred to in subsections (1) to (3) above are—

a

assets linked solely to pension business;

b

assets linked solely to life reinsurance business;

c

assets of the overseas life assurance fund;

d

assets linked solely to basic life assurance and general annuity business;

e

assets of the long term business fund not within any of the preceding paragraphs;

f

other assets.