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31. In section 458(3) (capital redemption business)(1) for paragraphs (a) and (b) substitute—
“(a)consists of the effecting on the basis of actuarial calculations, and the carrying out, of contracts of insurance under which, in return for one or more fixed payments, a sum or series of sums of a specified amount become payable at a future time or over a period; and
(b)is not life assurance business.”.
Section 458(3) was amended by paragraph 2 of Schedule 33 to the Finance Act 1996.
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