Paragraph 13

(1)

Schedule 15 (qualifying policies) is amended as follows.

(2)

In paragraph 3—

(a)

in sub-paragraphs (1) and (4)(c), for “tax exempt life or endowment business” substitute “ exempt BLAGAB or eligible PHI business ”,

(b)

in sub-paragraph (8)(b)(i), for “a new society” substitute “ a society other than an old society ”, and

(c)

in sub-paragraph (8)(b)(ii), for “a society other than a new society” substitute “ an old society ”.

(3)

In paragraph 4(3)(b)(ii), for “a new society” substitute “ a society other than an old society ”.

(4)

Omit paragraph 5.

(5)

In paragraph 6—

(a)

in sub-paragraph (1)—

(i)

omit “(as defined in section 466)” in both places, and

(ii)

for “tax exempt life or endowment business” substitute “ exempt BLAGAB or eligible PHI business ”, and

(b)

in sub-paragraph (2), for “section 464” substitute “ section 160 of the Finance Act 2012 ”.

(6)

After paragraph 6 insert—

“6A
Any expression—
(a)
which is used in any provision made by any of paragraphs 3 to 6, and
(b)
which is used in Part 3 of the Finance Act 2012,
has the same meaning in that provision as it has in that Part.”