29.—(1) Paragraph (2) prescribes a modification of section 83A of the Finance Act 1989(1) so far as it applies to the life or endowment business carried on by annual return societies.
(2) For subsection (2) substitute—
“(2) The accounts recognised for the purposes of those sections are—
(a)a revenue account included in, or supplied to the Financial Services Authority with, the society’s valuation report which contains items relating to the society’s life or endowment business in respect of the whole of the society’s long-term business;
(b)any separate revenue account included in, or supplied to the Financial Services Authority with, the society’s valuation report which contains items relating to the society’s life or endowment business in respect of a with-profits fund (see subsection (6)).
(2A) In subsection (2) above “life or endowment business” has the meaning given by section 466(1) of the Taxes Act 1988.”.
Section 83A was inserted by paragraph 16 of Schedule 8 to the Finance Act 1995 (c. 4) and amended by paragraph 13 of Schedule 9 to the Finance (No. 2) Act 2005.