Regulation 5 Amendments to the principal Regulations

(1)

In regulation 4(6), in the substituted sub-paragraph (5)—

(a)

in paragraph (a)(i) after the words “general annuity business” there shall be inserted the words “or tax exempt class IV business”;

(b)

in paragraph (b)(i), for the words “long term business other than life or endowment business” there shall be substituted the words “tax exempt class IV business”;

(c)

in paragraph (b)(ii), for the words “long term business other than life assurance business” there shall be substituted the words “tax exempt class IV business”.

(2)

In regulation 4(6), in the substituted sub-paragraph (5A)—

(a)

after the definition of “tax exempt basic life assurance and general annuity business” there shall be inserted the following definition—

“‘tax exempt class IV business’ shall be construed in accordance with the definition inserted in section 431(2) by regulation 7(2) of those Regulations; and”;

(b)

the definition of “life or endowment business” and the word “and” immediately preceding it shall be omitted.

(3)

This regulation shall have effect in relation to accounting periods ending on or after 1st September 1996.