Paragraph 10

(1)

Part 2 of Schedule 25 to ICTA (exempt activities) is amended as follows.

(2)

In paragraph 6 (definition of exempt activities)—

(a)

in sub-paragraph (1)(c), for “(2), (3), (4) or (4A)” substitute “ (2) or (3) ”,

(b)

in sub-paragraph (3)(b), omit “or superior holding companies”,

(c)

omit sub-paragraphs (4) to (4BB),

(d)

in sub-paragraph (5)—

(i)

for “sub-paragraphs (3) to (4B)” substitute “ sub-paragraph (3) ”, and

(ii)

omit “or superior holding company”,

(e)

in sub-paragraph (5ZA), omit “or superior holding company”,

(f)

in sub-paragraph (5ZB), omit “or superior holding company”,

(g)

in sub-paragraph (5A), for “sub-paragraphs (3) to (4B)” substitute “ sub-paragraph (3) ”,

(h)

omit sub-paragraph (5B),

(i)

in sub-paragraph (5C), omit “or superior holding company”, and

(j)

in sub-paragraph (6), for “sub-paragraphs (1) to (4BB) above” substitute “ this paragraph ”.

(3)

In paragraph 8(3) (paragraph 6(1)(b) condition), omit “or superior holding company”.

(4)

In paragraph 12 (definition of “holding company” etc)—

(a)

in sub-paragraph (1), for “paragraph 12A below and in” substitute “ in ”,

(b)

in sub-paragraph (4), omit “or (4), as the case may be,”, and

(c)

in sub-paragraph (5)—

(i)

in the words before paragraph (a), for “sub-paragraphs (3) and (4)” substitute “ sub-paragraph (3) ”, and

(ii)

in paragraph (a), omit “or superior holding company”.

(5)

Omit paragraph 12A (definition of “superior holding company” etc).