65U.K.FA 1996 is amended as follows.
66U.K.In paragraph 12(3) of Schedule 9 (loan relationships: special computational provisions), for “440(4)(a) to (e)” substitute “ 440(4)(a), (d) and (e) ”.
67(1)Schedule 11 (loan relationships: special provisions for insurers) is amended as follows.U.K.
(2)In paragraph 2, for sub-paragraph (1) substitute—
“(1)Where an insurance company carries on basic life assurance and general annuity business, a separate computation, using only the non-trading credits and non-trading debits referable to that business, shall be made for the purposes of this Chapter in relation to that business.”
(3)In paragraph 3A(5)—
(a)after “(6A)” insert “ , (6B) ”,
(b)for “subsections (6)(a) and (6A)(a)” substitute “ subsection (6) ”, and
(c)omit paragraph (c) and the word “and” before it.
(4)In paragraph 4—
(a)in sub-paragraph (1), omit paragraph (b) and the word “or” before it,
(b)in sub-paragraph (2)(a), for “the relevant category of business” substitute “ basic life assurance and general annuity business ”,
(c)in sub-paragraph (7), for “the relevant category of business” substitute “ its basic life assurance and general annuity business ”,
(d)in sub-paragraph (10), for “the relevant category of business” (in both places) substitute “ basic life assurance and general annuity business ”, and
(e)omit sub-paragraph (16).