Article 80 Exchange gains and losses: alternative calculationsI1

Amend paragraph 2 of Schedule 15 (power to make provision about alternative calculations in relation to exchange gains and losses where asset held in exempt circumstances) as follows.

In sub-paragraph (4)(a) for “long term” substitute “long-term”.

In sub-paragraph (5) for the definition of “long term insurance business” substitute—

• ““long-term insurance business” means business which consists of the effecting or carrying out of contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”.