14(1)Section 432C of the Taxes Act 1988 is amended as follows.U.K.
(2)In subsection (1) for the words from “life assurance business” to “general annuity business” substitute “ pension business, life reinsurance business, basic life assurance and general annuity business or long term business other than life assurance business ”.
(3)In subsection (3) for “any of the appropriate categories of business” substitute “ any category of business ”.
(4)In subsection (4)(b) for “any of the appropriate categories of business” substitute “ any category of business ”.
(5)In subsection (5), omit paragraph (a).
(6)For subsection (6) substitute—
“(6)For the purposes of this section, where a company carries on overseas life assurance business “liabilities” does not include liabilities of that business.”.