SCHEDULES

SCHEDULE 33Insurance companies

Meaning of “investment reserve” etc

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In paragraph 4(5) of Schedule 19AA to the Taxes Act 1988 (overseas life assurance fund), in the definition of “investment reserve”, for paragraphs (a) and (b) substitute—

a

the value of the liabilities of that business, and

b

any money debts of the company not within paragraph (a) above which are owed in respect of that business;