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45.—(1) Section 88 of the Finance Act 1989(1) is amended as follows.
(2) In subsection (3) (relevant profits to be income and gains of life assurance business reduced by aggregate amount of the items in the paragraphs) for the words from the end of paragraph (aa)(2) to the end substitute—
“and
(a)the basic deduction given by Step 8 in section 76(5) of the Taxes Act 1988.”.
Section 88(3) was substituted by paragraph 57(1) of Schedule 8 to the Finance Act 1995 and amended by paragraph 56 of Schedule 14 to the Finance Act 1996 (c. 26).
Paragraph (aa) was inserted before paragraph (a) in subsection (3) by paragraph 56 of Schedule 14 to the Finance Act 1996.
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