SCHEDULES

SCHEDULE 16Part 2: minor and consequential amendments

PART 3Amendments of other Acts

Income Tax (Trading and Other Income) Act 2005

130

(1)

Section 531 (gains from contracts for life insurance etc: cases where income tax not treated as paid) is amended as follows.

(2)

In subsection (3), after paragraph (b) insert—

“(ba)

a contract the effecting or carrying out of which constitutes protection business within the meaning of section 62 of FA 2012,

(bb)

a contract which is not within paragraph (ba) but which, as a result of subsection (4) of that section, is treated for the purposes of that section as being made at any time,”.

(3)

In subsection (4), in the definition of “basic life assurance and general annuity business”, for “Chapter 1 of Part 12 of ICTA (see section 431F)” substitute “ Part 2 of FA 2012 (see sections 57 and 67(5)) ”.