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))
”
.