Modifications of section 12 of the Income and Corporation Taxes Act 1988
154.—(1) In the heading to regulation 4 (modification of section 12(7A) of the Taxes Act)—
(a)for “Modification” substitute “Modifications”;
(b)omit “(7A)”.
(2) Amend regulation 4 in accordance with paragraphs (3) and (4) below.
(3) In paragraph (1) for “Paragraph (2) prescribes a modification of section 12(7A)” substitute “Paragraphs (2) and (3) prescribe modifications of section 12”.
(4) For paragraph (2) substitute—
“(2) In subsection (7A) for the words from “an insurance business transfer scheme has effect to transfer from a company to another person” there shall be substituted the words “there is a transfer from a company to another person of”.
(3) In subsection (7B) the definition of “insurance business transfer scheme” shall be omitted.”.