349(1)Amend section 85A (excess adjusted Case I profits) as follows.U.K.
(2)In subsection (1) for the words “Case I profits under Case VI of that Schedule” substitute “ life assurance trade profits under the charge to corporation tax on income ”.
(3)In subsection (2) for “Case I”, in both places where it occurs, substitute “ life assurance trade ”.
(4)In subsection (3)—
(a)for “Case I profits” substitute “ life assurance trade profits ”, and
(b)in paragraph (a) for “provisions applicable to Case I of Schedule D” substitute “ life assurance trade profits provisions ”.
(5)In subsection (4) for “Case I of Schedule D” substitute “ section 35 of the Corporation Tax Act 2009 ”.
(6)In subsection (6)(b) omit “under Case VI of Schedule D”.
(7)In subsection (8)—
(a)in paragraph (b)—
(i)after “loan relationships” insert “ under Part 5 of the Corporation Tax Act 2009 ”, and
(ii)omit the words from “by” to “1996”, and
(b)in paragraph (c)—
(i)for “paragraph 4(3) of that Schedule” substitute “ section 389(1) of the Corporation Tax Act 2009 ”, and
(ii)omit “(in accordance with paragraph 4(5) of that Schedule)”.
(8)In the title for “Case I” substitute “ life assurance trade ”.