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)) ”.