125U.K.ITTOIA 2005 is amended as follows.
126U.K.In section 48(4A) (car hire)—
(a)at the end of paragraph (a) insert “ or ”,
(b)in paragraph (b), after “management),” insert “ including as applied by section 82(4) of FA 2012. ”, and
(c)omit paragraph (c) (together with the “or” before that paragraph).
127U.K.In section 473(2) (policies and contracts to which Chapter 9 of Part 4 applies: general), in the definition of “capital redemption policy”, for “within the meaning of Chapter 1 of Part 12 of ICTA” substitute “ within the meaning given by section 56(3) of FA 2012 ”.
128U.K.In section 476(3) (special rules: foreign policies), in the definition of “overseas life assurance business”, for “same meaning as in Part 12 of ICTA (see section 431D of that Act)” substitute “ meaning given by section 61 of FA 2012 ”.
129U.K.In section 504(7) (part surrenders: payments under guaranteed income bonds etc), in the definition of “pension business”, for “section 431B of ICTA” substitute “ section 58 of FA 2012 ”.
130(1)Section 531 (gains from contracts for life insurance etc: cases where income tax not treated as paid) is amended as follows.U.K.
(2)In subsection (3), after paragraph (b) insert—
“(ba)a contract the effecting or carrying out of which constitutes protection business within the meaning of section 62 of FA 2012,
(bb)a contract which is not within paragraph (ba) but which, as a result of subsection (4) of that section, is treated for the purposes of that section as being made at any time,”.
(3)In subsection (4), in the definition of “basic life assurance and general annuity business”, for “Chapter 1 of Part 12 of ICTA (see section 431F)” substitute “ Part 2 of FA 2012 (see sections 57 and 67(5)) ”.
131U.K.In paragraph 118(2) of Schedule 2 (pre-1 January 2005 contracts for immediate needs annuities: income tax treated as paid), for the words from “means” to the end substitute “ means the application of section 57(2)(d) of FA 2012 ”.