118(1)A contract for a life annuity made before 1st January 2005 is not to be treated for the purposes of paragraph (c) of section 531(3) (policies and contracts excluded from section 530) as having not formed part of any insurance company's or friendly society's basic life assurance and general annuity business the income and gains of which are subject to corporation tax by reason only of the immediate needs annuities exclusion.U.K.
(2)In sub-paragraph (1) “the immediate needs annuities exclusion” means the words [F1 following paragraph (b) in the definition of “life assurance business”] .
Textual Amendments
F1Words in Sch. 2 para. 118(2) substituted (19.7.2007 with effect as stated in s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), s. 38, Sch. 7 para. 79 (subject to transitional provisions in Sch. 7 Pt. 2)