PART 2 AMENDMENTS TO PRIMARY LEGISLATION

The Income and Corporation Taxes Act 1988 (c. 1)

52 Miscellaneous amendments
1 In the following provisions for “long term business fund” substitute “long-term insurance fund”—
(a) section 333B(1), (2)(b), (3) and (9) (in the definition of “long term business fund”);
(b) section 431(2) (in the definition of “long term business fund”);
(c) section 432A(1)(a) and (9B) (in paragraph (b) in the definition of “investment reserve”);
Section 432A was inserted, together with sections 432B to 432E, by paragraph 4 of Schedule 6 to the Finance Act 1990 and relevantly amended by paragraph 13(2) of Schedule 8 to the Finance Act 1995 and section 109(5) and (6) of the Finance Act 2000.
(d) section 432AA(2), (3) and (5);
Section 432AA was inserted by paragraph 39 of Schedule 5 to the Finance Act 1998.
(e) section 438(1);
Section 438(1) was amended by paragraph 4(2) of Schedule 8 to the Finance Act 1995.
(f) section 438B(1);
Section 438B was inserted by paragraph 5 of Schedule 25 to the Finance Act 2001 (c. 9).
(g) section 440(4)(e);
Section 440(4) was substituted by paragraph 5(3) of Schedule 8 to the Finance Act 1995.
(h) section 440A(2)(d);
Section 440A was substituted, together with section 440, for section 440 by paragraph 8 of Schedule 6 to the Finance Act 1990.
(i) section 440B(3)(a);
Section 440B was inserted by paragraph 28(1) of Schedule 8 to the Finance Act 1995.
(j) section 755A(1)(c), (5), (7) and (12) (in the definition of “long term business fund”);
Section 755A was inserted by paragraph 13 of Schedule 17 to the Finance Act 1998.
(k) the following paragraphs of Schedule 19AA—
(i) paragraph 2(1)(b), (2) (twice) and (3) (four times);
(ii) paragraph 3(1)(a), (2)(a) and (3)(a);
(iii) paragraph 4(1), (2) and (5) (in paragraph (b) in the definition of “investment reserve”);
Schedule 19AA was inserted by paragraph 6 of Schedule 7 to the Finance Act 1990 and relevantly amended by Articles 3 and 4 of S.I.1994/3278 and Article 3 of S.I.2000/2188.
(l) the following paragraphs of Schedule 19AC—
(i) paragraph 3(2) (in section 11(2)(c) treated as inserted) and (3) (in section 11(2A)(b) treated as inserted);
(ii) paragraph 6(1) (in paragraph (a) in the definition of “investment reserve” treated as substituted in section 431(2));
(iii) paragraph 10C(1) (in section 440B(3)(a) treated as substituted);
(iv) paragraph 14A(2) (in paragraph 6(a) and (c) treated as inserted in Schedule 19AA).
Schedule 19AC was relevantly amended by paragraphs 39, 44 and 48 of Schedule 8 to the Finance Act 1995, section 109(9)(c)(i) of the Finance Act 2000 and Article 5 of S.I.2000/2188.
2 In the following provisions for “long term” substitute “long-term”—
(a) section 431(2) (in the definition of “long term business fund”);
(b) section 432ZA(2)(a) and (b), (3) and (7) (twice);
Section 432ZA was inserted by paragraph 11(2) of Schedule 8 to the Finance Act 1995.
(c) section 432A(2)(f), (8)(a) (twice) and (b) and (9B) (in the first place where it occurs in the definition of “investment reserve”);
(d) section 432AA(4)(d);
(e) section 432C(1);
Section 432C(1) was amended by paragraphs 12(1)(a) and 14(2) of Schedule 8 to the Finance Act 1995.
(f) section 432D(1);
Section 432D(1) was amended by paragraphs 12(1)(a) and 15(2) of Schedule 8 to the Finance Act 1995.
(g) section 440B(4) (in section 440A(2)(a) treated as substituted);
(h) section 444A(5);
Section 444A(5) was amended by paragraph 17(5) of Schedule 8 to the Finance Act 1995.
(i) section 463(1), (2) and (3);
Section 463 was amended by section 50 of the Finance Act 1990, paragraph 10 of Schedule 9 to the Finance (No. 2) Act 1992 and section 171(5) of the Finance Act 1996.
(j) section 466(2) (in the definition of “long term business”);
Section 466(2) was relevantly amended by section 171(2)(b) of the Finance Act 1996.
(k) section 804B(4)(b) and (5)(b);
Section 804B was inserted by paragraph 17 of Schedule 30 to the Finance Act 2000.
(l) section 804C(13)(b);
Section 804C was inserted by paragraph 18(1) of Schedule 30 to the Finance Act 2000.
(m) the following paragraphs of Schedule 19AA—
(i) paragraph 2(3)(d) (in the second place where it occurs);
(ii) paragraph 4(2)(a) and (b), (4)(b) and (5) (in the first place where it occurs in the definition of “investment reserve”);
(n) paragraph 5(5)(a) and (b) of Schedule 19AB;
Schedule 19AB was inserted by Schedule 8 to the Finance Act 1991 and is repealed by Part 2(12) of Schedule 33 to the Finance Act 2001 with effect in accordance with section 87 of that Act.
(o) the following paragraphs of Schedule 19AC—
(i) paragraph 6(1) (in paragraph (b) in the definition of “investment reserve” treated as substituted in section 431(2));
(ii) paragraph 7(2)(a), (3)(a) and (b);
(iii) paragraph 10C(2) (in section 440B(4)(a) treated as substituted);
(iv) paragraph 14A(2) (in paragraph 6(b) treated as inserted in Schedule 19AA).