PART 2Amendments to primary legislation

Inheritance Tax Act 19843

1

The Inheritance Tax Act 19849 is amended as follows.

2

In section 59(3)(b)10 for the words from “is” to the end substitute—

—

i

is an insurance company (within the meaning of Part 2 of the Finance Act 2012)11, and

ii

has permission under Part 4A of the Financial Services and Markets Act 200012 to effect or carry out contracts of long-term insurance.

3

In section 115(5)(b)13 omit “, other than the United Kingdom,”.

4

In section 125(1A)14 for “another” substitute “is in a”.