# The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004, Paragraph 47: Basic life assurance and general annuity business: transitional relief for old annuity contracts


(1) In Schedule 7 to the Finance Act 1991 (basic life assurance and general annuity business) paragraph 16 (transitional relief for old annuity contracts) is amended as follows.
(2) In sub-paragraph (1) (which provides for an amount to be treated as a sum disbursed as expenses of management for the period) for “a sum disbursed as expenses of management of the company for that period”, substitute “expenses payable which fall to be brought into account for that period at Step 3 in section 76(7) of the Taxes Act 1988,”.

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Source: https://www.legislation.gov.uk/uksi/2004/2310/schedule/paragraph/47 (the official version)
Page: https://openlegislation.uk/finance-act-2004-sections-38-to-40-and-45-and-schedule-6-consequential-amendment-of-enactments-order-2004/schedule/paragraph-47
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.