18.—(1) Amend section 266 (relief on life assurance premiums)(1) as follows.
(2) In subsection (2)(a) for sub-paragraphs (i) to (iii) substitute—
“(i)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 or under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance; or
(ii)a member of the Society who effects or carries out contracts of long-term insurance in accordance with Part 19 of the Financial Services and Markets Act 2000;”.
(3) After subsection (13) add—
“(14) In subsection (2)(a)—
“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and
“member of the society” has the same meaning as in Lloyd’s Act 1982(2).”.
Section 266 was relevantly amended by paragraph 2(3) of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48).