Article 51 Apportionment in relation to foreign controlled company: exempt activitiesI1

Amend paragraph 11 of Schedule 25 (apportionment in relation to foreign controlled company: cases where section 747(3) does not apply) as follows.

In sub-paragraph (1) for paragraph (g) substitute—

“(g)

the effecting or carrying out of contracts of insurance; and”.

After sub-paragraph (1) add—

“(1A)

For the purposes of sub-paragraph (1)(g) above “contract of insurance” has the meaning given by Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.