Paragraph 71

(1)

Section 545 (investment assets) is amended as follows.

(2)

In subsection (3), in the second sentence, for “sections 432ZA to 432E, or section 438B,” substitute “ section 432A ”.

(3)

In subsection (5)—

(a)

for the words from “under—” to “no allowance” substitute “ under section 436A of ICTA (gross roll-up business), no allowance ”, and

(b)

for “the category of life assurance business in question” substitute “ gross roll-up business ”.