SCHEDULES

Valid from 19/07/2007

SCHEDULE 7 U.K. Insurance business: gross roll-up business etc

Part 1 U.K. Amendments

Income and Corporation Taxes Act 1988 (c. 1) U.K.

33 U.K. In section 440B(4) (modifications where tax charged under Case I of Schedule D)—

(a) for “(a) to (e)” substitute “ (a), (d) and (e) ”, and

(b) for the notionally substituted paragraph (a) substitute—

“(a) so many of the securities as are included in the company's long-term insurance fund shall be treated for the purposes of corporation tax as a separate holding which is an asset of that fund, and”.