Article 81 Exchange gains and losses: chargeable gainsI1

United Kingdom

(1)

Amend Schedule 17 (exchange gains and losses: chargeable gains) as follows.

(2)

In paragraph 3—

(a)

in sub-paragraph (2)(a) for “long term” substitute “long-term”;

(b)

in sub-paragraph (3) 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;”.

(3)

In paragraph 7(4)—

(a)

in paragraph (a) for “long term” substitute “long-term”;

(b)

for the words immediately after paragraph (b) substitute “and “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.”.

Annotations

Commencement

I1: Art. 81 in force at 1.12.2001, see art. 1(2)(a)