13.—(1) Where any part of the business of a company is tax exempt life assurance business, section 212 of the Taxation of Chargeable Gains Act 1992 (annual deemed disposal of holdings of unit trusts)(1) is modified as follows.
(2) In subsection (2), after “gross roll-up business” insert “or tax exempt life assurance business”.
1992 c. 12. Section 212(2) was amended by section 91(2)(b) of the Finance Act 1993 (c. 34), paragraph 9(2) of Schedule 8 to the Finance Act 1995 and paragraph 63 of Schedule 7 to Finance Act 2007.