SCHEDULES
SCHEDULE 9 Life Policies Etc. Held by Companies
3
(1)
Section 540 shall be amended as follows.
(2)
In subsection (4), for the words “this section” there shall besubstituted the words “subsections (1) and (3) above”.
(3)
After subsection (5) there shall be inserted—
“(5A)
Sub-paragraphs (i) and (ii) of subsection (1)(b) above shall not apply inrelation to a policy issued in respect of an insurance made on or after 14thMarch 1989 if, immediately before the happening of the event, the rightsconferred by the policy were in the beneficial ownership of a company, or wereheld on trusts created, or as security for a debt owed, by a company.”