SCHEDULES

SCHEDULE 16Part 2: minor and consequential amendments

PART 3Amendments of other Acts

Taxation of Chargeable Gains Act 1992

88

1

Schedule 7AC (exemptions for disposals by companies with substantial shareholdings) is amended as follows.

2

In paragraph 6(1)(c), for “section 440(1) or (2) of the Taxes Act” substitute “ any of sections 116 to 118 of the Finance Act 2012 ”.

3

Paragraph 17 is amended as follows.

4

In sub-paragraph (2), for “of its long-term insurance fund” substitute “ held by it for the purposes of its long-term business ”.

5

In sub-paragraph (3)(b), for “of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.

6

In sub-paragraph (4), for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”.

7

In sub-paragraph (4A)—

a

for “of the investing company's long-term insurance fund” substitute “ held by the investing company for the purposes of its long-term business ”,

b

for “as assets of its long-term insurance fund” substitute “ for the purposes of its long-term business ”, and

c

for “a structural asset, or structural assets, within the meaning of section 83XA of the Finance Act 1989” substitute “ an asset or assets which formed part of the long-term business fixed capital of the company in question ”.

8

In the italic heading before that paragraph, for “insurance company's long-term insurance fund” substitute “ insurance company held for the purposes of its long-term business ”.