Finance Act 2004

9 (1) In the following provisions of the Taxes Act 1988— U.K.

(a) section 438(1) (pension business), and

(b) section 439B(6) (life reinsurance business),

after “referable” insert “ (in accordance with section 432A) ”.

(2) In the following provisions of the Finance Act 1989 (c. 26) (which relate to the policy holders' share of profits)—

(a) section 88(3A)(a),

(b) the words within quotation marks in the portion of section 88(3B) preceding paragraph (a),

(c) the portion of section 89(1B) preceding paragraph (a), and

(d) section 89(2)(b),

after “referable” insert “ (in accordance with section 432A of the Taxes Act 1988) ”; and, in consequence of the amendment made by paragraph (b), in section 88(3B), for “referable to that business” substitute “ so referable ”.

(3) In the following provisions of the Taxation of Chargeable Gains Act 1992 (c. 12)—

(a) the definitions of “BLAGAB allowable losses” and “BLAGAB chargeable gains” in section 210A(13) (ring-fencing of losses),

(b) section 211ZA(10) (transfers of business: transfer of unused losses), and

(c) section 213(1A)(a) (spreading of gains and losses under section 212), after “referable” insert “ (in accordance with section 432A of the Taxes Act) ”.