1(1)In the enactments specified in sub-paragraph (2) below, for the words “section 49 of the M1Insurance Companies Act 1982”, in each place where they occur, there shall be substituted “ Part I of Schedule 2C to the Insurance Companies Act 1982 ”.
(2)The enactments mentioned in sub-paragraph (1) above are—
(a)section 12(7A) of the Taxes Act 1988 (accounting periods);
(b)sections 440(2)(a) and 444A(1) of that Act (transfer of assets or business of insurance company);
(c)section 460(10A) of that Act (transfer of business to friendly society); and
(d)sections 211(1), 213(5), 214(11) and 214A(7) of the M2Taxation of Chargeable Gains Act 1992 (transfers of business).
(3)In section 444A(3)(b) of the Taxes Act 1988 (losses treated as losses of transferee)—
(a)after “where” there shall be inserted “ the transfer relates to any overseas life assurance business or ”; and
(b)for “overseas life assurance” there shall be substituted “ such ”.