22U.K.CAA 2001 is amended as follows.
23U.K.In section 256(1) (different giving effect rules for different categories of business), for paragraph (b) substitute—
“(b)is charged to tax under the I minus E basis in respect of its life assurance business.”
24U.K.In section 257(2) (life assurance: supplementary), for paragraphs (a) and (b) substitute—
“(a)section 85A(3) of the Finance Act 1989 (excess adjusted Case I profits), or
(b)section 89 of that Act (policy holders' share of profits).”