Finance Act 2012

88 (1) Schedule 7AC (exemptions for disposals by companies with substantial shareholdings) is amended as follows. U.K.

(2) In paragraph 6(1)(c), for “section 440(1) or (2) of the Taxes Act” substitute “ any of sections 116 to 118 of the Finance Act 2012 ”.

(3) Paragraph 17 is amended as follows.

(4) In sub-paragraph (2), for “of its long-term insurance fund” substitute “ held by it for the purposes of its long-term business ”.

(5) In sub-paragraph (3)(b), for “of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.

(6) In sub-paragraph (4), for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.

(7) In sub-paragraph (4A)—

(a) for “of the investing company's long-term insurance fund” substitute “ held by the investing company for the purposes of its long-term business ”,

(b) for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”, and

(c) for “a structural asset, or structural assets, within the meaning of section 83XA of the Finance Act 1989” substitute “ an asset or assets which formed part of the long-term business fixed capital of the company in question ”.

(8) In the italic heading before that paragraph, for “insurance company's long-term insurance fund” substitute “ insurance company held for the purposes of its long-term business ”.