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Finance Act 2012
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150(1)Section 386 (overview of Chapter 10 of Part 5 (insurance companies)) is amended as follows.U.K.
(2)In subsection (2)—
(a)in paragraph (a), after “apply” insert “ for the purposes of the I - E rules ” and at the end insert “ and ”, and
(b)omit paragraph (c) (together with the “and” before it).
(3)In subsection (3)—
(a)in paragraph (a), omit “or of BLAGAB”,
(b)in paragraph (a), after “trade)” insert “ and section 88 of FA 2012 (equivalent rule for activities carried on in the course of BLAGAB) ”, and
(c)in paragraph (f), for “as expenses of insurance companies at Step 1 of section 76(7) of ICTA” substitute “ as ordinary BLAGAB management expenses ”.
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