SCHEDULES

SCHEDULE 16Part 2: minor and consequential amendments

PART 3Amendments of other Acts

81Taxation of Chargeable Gains Act 1992

1

Section 210B (disposal and acquisition of section 440A securities) is amended as follows.

2

In subsection (1)—

a

in the opening words, for “section 440A securities” (in both places) substitute “section 119 or 120 securities”, and

b

in paragraphs (a) and (b), for “chargeable section 440A holding” substitute “chargeable section 119 or 120 holding”.

3

In subsection (7)(a), for “linked assets” substitute “assets wholly matched to BLAGAB liabilities and the assets are”.

4

For subsection (8) substitute—

8

In this section—

  • “BLAGAB internal linked fund” means an internal linked fund all the assets appropriated to which are matched wholly to BLAGAB liabilities,

  • “chargeable section 119 or 120 holding” means a holding which is a separate holding as a result of section 119(1)(a), (c) or (d) or section 120(1)(a), (c) or (d) of the Finance Act 2012 (and section 121(1) and (2) of that Act),

  • “internal linked fund”, in relation to an insurance company, means an account—

    1. a

      to which assets matched to the company’s life assurance liabilities are appropriated by the company, and

    2. b

      which may be divided into units the value of which is determined by the company by reference to the value of those assets, and

  • “section 119 or 120 securities” means securities within the meaning of section 119 or 120 of the Finance Act 2012 (see section 121(6)).

5

In the heading, for “section 440A securities” substitute “section 119 or 120 securities”.