Article 7 Amendment of Chapter 1 of Part 12 of the Income and Corporation Taxes Act 1988

(1)

Amend paragraph 4 of Schedule 19AA^f1 (overseas life assurance fund) as follows.

(2)

In sub-paragraph (1), in the definition of “B”, “investment reserve” substitute “free assets amount”.

(3)

In sub-paragraph (2) for “investment reserve” substitute “free assets amount”.

(4)

In sub-paragraph (5) for ““investment reserve””^f2 substitute ““free assets amount””.

Annotations

f1: Schedule 19AA was inserted by paragraph 10 of Schedule 7 to the Finance Act 1990. Paragraph 4 has been amended by article 4 of S.I. 1994/3278, article 3 of S.I. 200/2188, article 52 of S.I 2001/3629 and paragraph 27 of Schedule 33 to the Finance Act 2003. Paragraph 4 has been amended. Relevant amendments are those made by article 4 of S.I. 1994/3278, article 3 of S.I 2000/2188, article 52 of S.I. 2001/3629 and paragraph 27 of Schedule 33 to the Finance Act 2003.
f2: The definition was amended by article 3 of S.I. 2002/2188.