48In section 67(2) (employee share ownership trusts), for paragraph (b) (and the “or” before that paragraph) substitute—
“(b)if the company is an investment company, shall be treated as expenses of management, or
(c)if the company is a company in relation to which the I - E rules apply and the sum is referable, in accordance with Chapter 4 of Part 2 of the Finance Act 2012, to the company’s basic life assurance and general annuity business, shall be treated for the purposes of section 76 of that Act as ordinary BLAGAB management expenses of the company.”