SCHEDULES

SCHEDULE 7Insurance business: gross roll-up business etc

Part 1Amendments

Finance Act 1996 (c. 8)

65

FA 1996 is amended as follows.

66

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.

F12

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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).