Finance Act 2008 (c. 9)

SCHEDULES

SCHEDULE 14 U.K. Company gains from investment life insurance contracts: consequential amendments etc

ITTOIA 2005 U.K.

10 U.K. ITTOIA 2005 is amended as follows.

11 U.K. In section 467(5) (persons liable: UK resident trustees), for paragraph (c) substitute—

“(c) neither section 465 nor section 466 applies.”

12 U.K. In section 469(2) (two or more persons interested in policy or contract), omit “above and section 547(1) of ICTA (persons liable for tax etc.)”.

13 U.K. Omit section 486 (exclusion of maturity of capital redemption policies in certain circumstances).

14 U.K. In section 501 (part surrenders: loans)—

(a) in subsection (1), insert “ or ” at the end of paragraph (a) and omit paragraph (c) and the “or” before it”, and

(b) omit subsection (4).

15 U.K. In section 541B(7) (section 541A: further definitions), omit paragraph (b) and the “or” before it.

16 U.K. In Schedule 1 (consequential amendments), omit paragraphs 210 to 221 and 226 to 228.