SCHEDULES
SCHEDULE 10Insurance companies: miscellaneous
Tidying up of Chapter 2 of Part 4 of FA 1996
6
(1)
Chapter 2 of Part 4 of FA 1996 (loan relationships) is amended as follows.
(2)
In section 103(3)
(loan relationships: interpretation), omit “or” at the end of paragraph (a) and after paragraph (b) insert
“or
(c)
any basic life assurance and general annuity business,”.
(3)
In sub-paragraph (1) of paragraph 1A of Schedule 9 (life assurance policies), for the words after “relating to” substitute “
liabilities of an insurance company within paragraph (a) of the definition of “liabilities” in section 431(2) of the Taxes Act 1988.
”
; and the italic heading before that paragraph accordingly becomes “
Insurance company liabilities
”
.
(4)
In Schedule 11, omit paragraph 1(1A) to (1C).