12(1)In Schedule 20 to the 1993 Act (special reserve funds), in paragraph 1(1) (preliminary), after the definition of “overall premium limit” there shall be inserted the following definition—U.K.
““payment”, unless the contrary intention appears, means a payment in money;”.
(2)In paragraph 7(2) of that Schedule (payments out of fund on cessation), for the words “money’s worth” there shall be substituted the words “ in assets forming part of the fund ”.
(3)This paragraph has effect for the year 1992-93 and subsequent years of assessment.