PART 2AMENDMENTS TO PRIMARY LEGISLATION
The Finance Act 1993 (c. 34)
Exchange gains and losses: chargeable gains81
1
Amend Schedule 17 (exchange gains and losses: chargeable gains) as follows.
2
In paragraph 3—
a
in sub-paragraph (2)(a) for “long term” substitute “long-term”;
b
in sub-paragraph (3) for the definition of “long term insurance business” substitute—
“long-term insurance business” means business which consists of the effecting or carrying out of contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
3
In paragraph 7(4)—
a
in paragraph (a) for “long term” substitute “long-term”;
b
for the words immediately after paragraph (b) substitute “and “long-term insurance business” means business which consists of the effecting or carrying out of contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.