509(1)Amend Schedule 6 (tax treatment of receipts by way of reverse premium) as follows.U.K.
(2)In paragraph 1(1) (application of Schedule)—
(a)for “a person receives” substitute “ a company receives ”,
(b)for “him or a person connected with him” substitute “ the company or a person connected with the company ”, and
(c)for “the person receiving the payment or other benefit, or as the case may be the person connected with him” substitute “ the company receiving the payment or other benefit, or as the case may be the person connected with the company ”.
(3)In paragraph 2 (tax treatment of receipts by way of reverse premium)—
(a)for “the purposes of the Tax Acts” substitute “ corporation tax purposes ”,
(b)for “the person receiving the reverse premium”, in both places where it occurs, substitute “ the company receiving the reverse premium ”,
(c)for “that person” substitute “ that company ”,
(d)for “tax” substitute “ corporation tax ”, and
(e)for “him” substitute “ the company ”.
(4)In paragraph 3(3) (arrangements not at arm's length)—
(a)for “the person receiving” substitute “ the company receiving ”,
(b)for “by him but which he” substitute “ by the company but which it ”, and
(c)for “he carries” substitute “ the company carries ”.
(5)Omit paragraph 6 (exclusion of transaction relating to individual's only or main residence) and the italic cross-heading before it.