Modifications of section 431 of the Taxes Act
5.—(1) Section 431 of the Taxes Act shall be modified as follows.
(2) In subsection (2)–
(a)after the definition of “basic life assurance and general annuity business”(1) there shall be inserted the following definition–
““capital redemption business” has the same meaning as in section 458;”;
(b)in the definition of “life assurance business” there shall be added at the end the words “and capital redemption business”.
(1)
Inserted by paragraph 1 of Schedule 8 to the Finance Act 1995.