632(1)Amend section 519 (investment bond arrangements: other provisions) as follows.U.K.
(2)In subsection (2)—
(a)for “section 417 of ICTA (close companies)” substitute “ sections 453 and 454 of CTA 2010 (definitions related to close companies) ”, and
(b)for “section 417(1)(d) of that Act” substitute “ section 454(2)(e) of CTA 2010 ”.
(3)In subsection (3)—
(a)for “Schedule 18 to ICTA” substitute “ Chapter 6 of Part 5 of CTA 2010 ”, and
(b)in paragraph (b) for “paragraph 1(5)(b) of that Schedule” substitute “ condition C in section 162(4) of CTA 2010 ”.
(4)After subsection (3) insert—
“(4)Investment bond arrangements are not—
(a)a unit trust scheme for the purposes of section 1119 of CTA 2010, or
(b)an offshore fund for the purposes of section 354 of TIOPA 2010 so far as relating to corporation tax.”