25In section 431(2) of the Taxes Act 1988 (interpretative provisions relating to insurance companies), after the definition of “insurance company” insert—
““investment reserve”, in relation to an insurance company, means the excess of the value of the assets of the company’s long-term business over the aggregate of—
(a)the value of the liabilities of that business, and
(b)any money debts (within the meaning of Chapter 2 of Part 4 of the Finance Act 1996) of the company not within paragraph (a) above which are owed in respect of that business;”.