30(1)Section 211 of the Taxation of Chargeable Gains Act 1992 (transfer of long term business of an insurance company) shall be amended as follows.U.K.
(2)In subsection (2)—
(a)the words “Subject to subsection (3) below" shall cease to have effect,
(b)after paragraph (a) insert “ or ”, and
(c)paragraph (b), and the word “or" immediately following it, shall cease to have effect.
(3)After subsection (2) insert—
“(2A)Where section 139 has effect in relation to an asset by virtue of subsection (2) above, the reference in subsection (1A) of that section to section 10(3) shall be construed as a reference to section 11(2)(b), (c), (d) or (e) of the Taxes Act.”
(4)Subsection (3) shall cease to have effect.
(5)The above amendments have effect in accordance with paragraph 5(4).