SCHEDULES

SCHEDULE 18Part 3: consequential amendments

Income Tax (Trading and Other Income) Act 2005

17

ITTOIA 2005 is amended as follows.

18

1

Section 531 (gains from contracts for life insurance etc: cases where income tax not treated as paid) is amended as follows.

2

In subsection (3)(a), for “tax exempt life or endowment business” substitute “ exempt BLAGAB or eligible PHI business ”.

3

In subsection (4), for the definition of “tax exempt life or endowment business” substitute—

“exempt BLAGAB or eligible PHI business” has the same meaning as in Part 3 of FA 2012 (see sections 154 and 155).