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4.—(1) Paragraph (2) prescribes a modification of section 12(7A) of the Taxes Act(1) so far as it applies to specified transactions taking place on or after 1st January 1995.
(2) The words “in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the Insurance Companies Act 1982(2)” shall be omitted.
Section 12(7A) was inserted by paragraph 3 of Schedule 9 to the Finance Act 1990 and amended by paragraph 1(1) and (2)(a) of Schedule 9 to the Finance Act 1995.
1982 c. 50; Schedule 2C was inserted by Schedule 3 to S.I. 1994/1696.
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