SCHEDULES
SCHEDULE 16Part 2: minor and consequential amendments
PART 3Amendments of other Acts
Taxation of Chargeable Gains Act 1992
77
(1)
Section 171C (elections under s.171A: insurance companies) is amended as follows.
(2)
In subsection (2), for “section 440(3) of the Taxes Act” substitute “
section 118 of the Finance Act 2012
”
.
(3)
In subsection (3)(b), for “part of that company's long-term insurance fund” substitute “
held for the purposes of the company's long-term business
”
.
(4)
In subsection (4), for the words from “as arising” to the end substitute “
for the purposes of section 210A (ring-fencing of losses) as a non-BLAGAB chargeable gain or (as the case may be) a non-BLAGAB allowable loss
”
.
(5)
Omit subsection (5).