2.—(1) The Authorised Investment Funds (Tax) Regulations 2006 are amended as follows.
(2) In regulation 48 (dividend distributions) at the end of paragraph (2A) insert—
“unless the dividend distribution is made to—
(a)an insurance company in respect of any non-BLAGAB long-term business carried on by it, or
(b)an insurance special purpose vehicle that is not an insurance company in respect of any long-term business carried on by it that does not consist wholly of PHI business.
Expressions used in paragraph (a) or (b) have the same meaning as they have in Part 2 of FA 2012(1).”
(3) In the table in Part 1 of the Schedule (abbreviations of Acts) insert at the appropriate place—
| “FA 2012 | The Finance Act 2012 (c. 14)” |