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8(1)Schedule 8A to the Finance Act 1989 (modifications of sections 83 and 89 in relation to overseas life insurance companies) shall be amended in accordance with the following provisions of this paragraph.
(2)In the Heading “Modifications of sections 83 and 89 in relation to overseas life insurance companies” after “83” there shall be inserted “to 83A”.
(3)In paragraph 1(1), for “sections 83 and 83A” there shall be substituted “sections 83 to 83A”.
(4)In paragraph 1A, in sub-paragraph (4)—
(a)for the words from “being transferred” to “added to that fund” there shall be substituted “being added to the company’s long term business fund”; and
(b)in the second sentence, for “a transfer” and “transferred” there shall be substituted respectively “an addition” and “added”.
(5)After that sub-paragraph there shall be added—
“(5)Any reference in section 83AA(2), (3) or (4) or 83AB(1) or (3) to an amount being added to the relevant company’s long term business fund shall be construed in accordance with sub-paragraph (4) above.”
(6)In paragraph 1C(4), for “transfer” there shall be substituted “addition”.
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