SCHEDULES

SCHEDULE 17Insurance companies etc

Structural assets

7

In section 83XA of FA 1989 (structural assets), omit—

a

subsections (10) and (11), and

b

in subsection (15), “or (10)”.

8

1

In section 431(2) of ICTA (interpretative provisions relating to insurance companies), in the definition of “free assets amount”, after “long-term business” insert “ , other than any structural assets (within the meaning of section 83XA of the Finance Act 1989), ”.

2

The amendment made by sub-paragraph (1) has effect for periods of account beginning on or after 1 January 2007.