SCHEDULES

SCHEDULE 1Consequential amendments

Part 1Income and Corporation Taxes Act 1988

143

(1)

Amend section 333B (involvement of insurance companies with plans and accounts) as follows.

(2)

In subsections (1), (2)(b) and (3) for “section 333 business” substitute “plan business”.

(3)

In subsection (4)—

(a)

after “this section” insert “or Chapter 3 of Part 6 of ITTOIA 2005 (except sections 697 and 698)”, and

(b)

for “section 333A” substitute “section 697 or 698 of ITTOIA 2005 (requirements concerning foreign plan managers)”.

(4)

In subsection (5)(a) and (b) for “section 333 business” substitute “plan business”.

(5)

In subsection (8) for “section 333 business” substitute “plan business”.

(6)

In subsection (9)—

(a)

after the definition of “long-term insurance fund” insert—

““plan business”, in relation to an insurance company, means the business of the company that is attributable to the making of investments with that company under plans for which provision is made by regulations under Chapter 3 of Part 6 (except sections 697 and 698) of ITTOIA 2005 (income from individual investment plans)”, and

(b)

omit the definition of “section 333 business”.