6U.K.In section 440A of the Taxes Act 1988, in subsection (2) for paragraphs (a) and (b) substitute—
“(a)so many of the securities as are identified in the company’s records as securities by reference to the value of which there are to be determined benefits provided for under policies or contracts the effecting of all (or all but an insignificant proportion) of which constitutes the carrying on of—
(i)pension business, or
(ii)life reinsurance business, or
(iii)basic life assurance and general annuity business,
shall be treated for the purposes of corporation tax as a separate holding linked solely to that business,”.