10(1)Part 2 of Schedule 25 to ICTA (exempt activities) is amended as follows.U.K.
(2)In paragraph 6 (definition of exempt activities)—
(a)in sub-paragraph (1)(c), for “(2), (3), (4) or (4A)” substitute “ (2) or (3) ”,
(b)in sub-paragraph (3)(b), omit “or superior holding companies”,
(c)omit sub-paragraphs (4) to (4BB),
(d)in sub-paragraph (5)—
(i)for “sub-paragraphs (3) to (4B)” substitute “ sub-paragraph (3) ”, and
(ii)omit “or superior holding company”,
(e)in sub-paragraph (5ZA), omit “or superior holding company”,
(f)in sub-paragraph (5ZB), omit “or superior holding company”,
(g)in sub-paragraph (5A), for “sub-paragraphs (3) to (4B)” substitute “ sub-paragraph (3) ”,
(h)omit sub-paragraph (5B),
(i)in sub-paragraph (5C), omit “or superior holding company”, and
(j)in sub-paragraph (6), for “sub-paragraphs (1) to (4BB) above” substitute “ this paragraph ”.
(3)In paragraph 8(3) (paragraph 6(1)(b) condition), omit “or superior holding company”.
(4)In paragraph 12 (definition of “holding company” etc)—
(a)in sub-paragraph (1), for “paragraph 12A below and in” substitute “ in ”,
(b)in sub-paragraph (4), omit “or (4), as the case may be,”, and
(c)in sub-paragraph (5)—
(i)in the words before paragraph (a), for “sub-paragraphs (3) and (4)” substitute “ sub-paragraph (3) ”, and
(ii)in paragraph (a), omit “or superior holding company”.
(5)Omit paragraph 12A (definition of “superior holding company” etc).