6(1)Chapter 2 of Part 4 of FA 1996 (loan relationships) is amended as follows.U.K.
(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).