13In subsection (1) of section 85 (charge of certain receipts of BLAGAB)—
(a)for “the profits of an insurance company in respect of its life assurance business are not charged under Case I of Schedule D” substitute “an insurance company is charged to tax under the I minus E basis in respect of its life assurance business”, and
(b)for “those profits” substitute “the profits of the life assurance business”.