[F115(1)In Schedule 7A, in sub-paragraph (3A) of paragraph 1, the words “section 11(2)(b), (c), (d) or (e) of the Taxes Act” shall be treated as substituted for the words “section 10(3)”.U.K.
(2)In that paragraph, the following sub-paragraph shall be treated as inserted after sub-paragraph (4)—
“(4A)Where—
(a)an asset is held by an overseas life insurance company, and
(b)section 440 of the Taxes Act applies at any time in relation to the asset,
the asset shall not be treated for the purposes of sub-paragraph (3A)(b) above as having become a chargeable asset at that time.”]
Textual Amendments
F1Sch. 7B para. 15 added (with effect in accordance with Sch. 29 para. 39(7) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 39(4)