SCHEDULES

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.

43 (1) Section 466 (interpretation of Chapter 2 of Part 12) is amended as follows. U.K.

(2) For subsection (1) substitute—

“(1) In this Chapter “life or endowment business” means, subject to subsections (1A) and (1B) below—

(a) any life assurance business, and

(b) any PHI business.”

(3) In subsection (2)—

(a) omit the definition of “life assurance business”, and

(b) insert the following definition at the appropriate place—

• ““gross roll-up business” shall be construed in accordance with section 431;”.

(4) Omit subsections (2ZA), (2A) and (2B).