Article 192 Payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributionsI1

in sub-paragraph (1)(a) for sub-paragraph (ii) substitute—

“(ii)

any contract of long-term insurance which falls within paragraph I, III or VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”.

in sub-paragraph (3) for the words from “provisions” to the end substitute

• “contract—

  1. (a)

     falls within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and Part I of that Schedule; or

  2. (b)

     is treated for the purposes of that Order as falling within Part II of that Schedule by Article 3(3) of that Order,

  that contract shall be treated as a contract of long-term insurance.”.

in sub-paragraph (a) for “75(1) of the Financial Services Act 1986” substitute “235 of the Financial Services and Markets Act 2000”;

for sub-paragraph (b) substitute—

“(b)

“an open-ended investment company” has the meaning given in section 236 of the Financial Services and Markets Act 2000.”.