SCHEDULES
SCHEDULE 14Company gains from investment life insurance contracts: consequential amendments etc
ICTA
4
1
Section 552 (information: duty of insurers) is amended as follows.
2
In subsection (3), omit—
a
the words from “(or” to “year)”, and
b
“, and the corresponding financial year,”.
3
In subsection (5)—
a
in paragraph (b)—
i
omit “section 546C(7)(a) of this Act and”, and
ii
for “the year and the insurance year end” substitute “
the insurance year ends
”
, and
b
in paragraph (c), omit—
i
“this Chapter and”,
ii
in sub-paragraph (i), “the amount or value of any relevant capital payments and”,
iii
in sub-paragraph (iii), the words from the beginning to “656 and”, and
iv
in sub-paragraph (v), the words from the beginning to “year and”.
4
In subsection (6)—
a
in paragraph (b)—
i
omit “section 546C(7)(a) of this Act (and”,
ii
omit the closing bracket after “2005”, and
iii
for “the year (and the insurance year)” substitute “
the insurance year
”
, and
b
in paragraph (c), omit “section 546C(7)(a) of this Act (and” and the closing bracket after “2005”.
5
In subsection (7)—
a
in paragraph (a), omit “, or, where the policy holder is a company, the financial year,”, and
b
in paragraph (b), for the words from “section 546C(7)(a)” to “insurance year)” substitute “
section 514(1) of ITTOIA 2005, the period of three months following the end of the insurance year
”
.
6
In subsection (8)(c), omit the words from “or” to “financial year”.
7
In subsection (9)—
a
in the words before paragraph (a), omit “or financial year”,
b
in paragraph (a), for the words from “section 546C(7)(b)” to the end substitute “
subsection (1) of section 514 of ITTOIA 2005, the year of assessment which includes the end of the insurance year mentioned in subsection (3) and (4) of that section;
”
, and
c
in paragraph (b) omit “or financial year”.
8
In subsection (10)—
a
in the definition of “amount”, omit “section 553(3) of this Act and”,
b
in the definition of “chargeable event”, omit “this Chapter and”,
c
omit the definition of “financial year”,
d
after that definition insert—
“insurance year” has the same meaning as in Chapter 9 of Part 4 of ITTOIA 2005 (see section 499 of that Act);
e
in the definition of “the relevant year of assessment”, omit paragraph (b) and the “or” before it, and
f
omit the definitions of “section 546 excess” and “year”.
9
Omit subsection (11).
10
In subsection (13), omit “section 548A above or”.