Finance Act 2007

Finance Act 1996 (c. 8) U.K.

65 U.K. FA 1996 is amended as follows.

66 U.K. In paragraph 12(3) of Schedule 9 (loan relationships: special computational provisions), for “440(4)(a) to (e)” substitute “ 440(4)(a), (d) and (e) ”.

67 (1) Schedule 11 (loan relationships: special provisions for insurers) is amended as follows. U.K.

(2) In paragraph 2, for sub-paragraph (1) substitute—

“(1) Where an insurance company carries on basic life assurance and general annuity business, a separate computation, using only the non-trading credits and non-trading debits referable to that business, shall be made for the purposes of this Chapter in relation to that business.”

(3) In paragraph 3A(5)—

(a) after “(6A)” insert “ , (6B) ”,

(b) for “subsections (6)(a) and (6A)(a)” substitute “ subsection (6) ”, and

(c) omit paragraph (c) and the word “and” before it.

(4) In paragraph 4—

(a) in sub-paragraph (1), omit paragraph (b) and the word “or” before it,

(b) in sub-paragraph (2)(a), for “the relevant category of business” substitute “ basic life assurance and general annuity business ”,

(c) in sub-paragraph (7), for “the relevant category of business” substitute “ its basic life assurance and general annuity business ”,

(d) in sub-paragraph (10), for “the relevant category of business” (in both places) substitute “ basic life assurance and general annuity business ”, and

(e) omit sub-paragraph (16).