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(a) claims for repayment of income tax treated as having been paid by virtue of section 661D (tax treatment of gifts qualifying for gift aid relief),

(b) claims for amounts to be exempt from tax by virtue of section 664 (exemption for interest and gift aid income), and

(c) claims for repayment of income tax deducted at source from interest income (within the meaning of that section) which is exempt from tax by virtue of that section.

(2) A claim to which this section applies may be made—

(a) to an officer of Revenue and Customs, or

(b) by being included in the claimant’s company tax return.

(3) In this section—

(4) The Commissioners for Her Majesty’s Revenue and Customs may by regulations make provision—

(a) limiting the number of free-standing claims that may be made by a person in a tax year, or

(b) requiring a claim for an amount below an amount specified in the regulations to be made as a tax return claim.

(5) The regulations may make different provision for different cases or purposes.

8 In consequence of the provision made by paragraph 6, in section 413 of ITA 2007 (overview of gift aid relief), after subsection (5) insert—

(6) For related reliefs for community amateur sports clubs see Chapter 9 of Part 13 of CTA 2010.

Treatment of income tax deducted or repaid

9 In section 59B of TMA 1970 (payment of income tax and capital gains tax), in subsection (7), at the end insert—

But such a reference does not include income tax repaid on a claim for repayment of income tax which—

(a) is treated as having been paid by virtue of section 520(4) of ITA 2007 (gift aid relief: income tax treated as paid by trustees of charitable trust), or

(b) has been deducted at source from income to which section 532, 533, 536 or 537 of that Act (certain sources of income exempt from income tax) applies.

10 (1) Section 967 of CTA 2010 (set-off of income tax deductions against corporation tax: payments received by UK resident companies) is amended as follows.

(2) After subsection (4) insert—

(5) The reference in subsection (1) to a payment received by a company does not include a reference to a payment which is exempt from tax by virtue of any of the following—

(none) section 472 (gifts qualifying for gift aid relief: charitable companies);

(none) section 475 (gifts qualifying for gift aid relief: eligible bodies);

(none) section 664 (exemption for interest and gift aid income: community amateur sports clubs).

(3) In subsection (5) (as inserted by sub-paragraph (2)), after the entry for section 475 insert—

(none) section 486 (investment income and non-trading profits from loan relationships);

(none) section 487 (public revenue dividends);

(none) section 488 (certain miscellaneous income);

(none) section 489 (income from estates in administration);.

Administration of claims under ITA 2007

11 (1) Section 42 of TMA 1970 (procedure for making claims etc) is amended as follows.

(2) In subsection (2), for “and (3ZA)” substitute “to (3ZB)”.

(3) In subsection (3ZA), for the words from “by virtue of” to the end substitute “by virtue of—

(a) section 521(4) of ITA 2007 (gifts entitling donor to gift aid relief: charitable trusts),

(b) section 532 of that Act (exemption for savings and investment income),

(c) section 533 of that Act (exemption for public revenue dividends),

(d) section 536 of that Act (exemption for certain miscellaneous income), or

(e) section 537 of that Act (exemption for income from estates in administration).

(4) After subsection (3ZA) insert—

(3ZB) Subsection (2) also does not apply in relation to any claim for repayment of an amount of income tax which—

(a) is treated as having been paid by virtue of section 520(4) of ITA 2007 (gift aid relief: income tax treated as paid by trustees of charitable trust), or

(b) has been deducted at source from income to which any of the provisions mentioned in paragraphs (b) to (e) of subsection (3ZA) applies.

12 In consequence of the amendments made by paragraph 11, in Schedule 8 to FA 2010 omit paragraph 4(2).

Administration of claims under CTA 2010

13 Schedule 18 to FA 1998 (company tax returns, assessments and related matters) is amended as follows.

14 (1) Paragraph 9 (claims that cannot be made without a return) is amended as follows.

(2) In sub-paragraph (2), at the end insert—

This is subject to sub-paragraphs (2A) and (2B).

(3) For sub-paragraph (2A) substitute—

(2A) This paragraph does not apply to a claim by a company for repayment of income tax treated as having been paid by virtue of—

(a) section 471 of the Corporation Tax Act 2010 (gifts qualifying for gift aid relief: charitable companies),

(b) section 475 of that Act (gifts qualifying for gift aid relief: eligible bodies), or

(c) section 661D of that Act (gifts qualifying for gift aid relief: community amateur sports clubs).

(2B) This paragraph also does not apply to a claim by a company for repayment of income tax deducted at source from income which is exempt from tax by virtue of—

(a) section 486 of the Corporation Tax Act 2010 (investment income and non-trading profits from loan relationships),

(b) section 487 of that Act (public revenue dividends),

(c) section 488 of that Act (certain miscellaneous income),

(d) section 489 of that Act (income from estates in administration), or

(e) section 664 of that Act (interest and gift aid income: community amateur sports clubs).

15 (1) Paragraph 57 (claims or elections affecting a single accounting period) is amended as follows.

(2) In sub-paragraph (1), at the end insert—

This is subject to sub-paragraphs (1A) to (1C).

(3) For sub-paragraph (1A) substitute—

(1A) This paragraph does not apply to a claim by a company for repayment of income tax treated as having been paid by virtue of—

(a) section 471 of the Corporation Tax Act 2010 (gifts qualifying for gift aid relief: charitable companies),

(b) section 475 of that Act (gifts qualifying for gift aid relief: eligible bodies), or

(c) section 661D of that Act (gifts qualifying for gift aid relief: community amateur sports clubs).

(1B) This paragraph also does not apply to a claim by a company for repayment of income tax deducted at source from income which is exempt from tax by virtue of—

(a) section 486 of the Corporation Tax Act 2010 (investment income and non-trading profits from loan relationships),

(b) section 487 of that Act (public revenue dividends),

(c) section 488 of that Act (certain miscellaneous income),

(d) section 489 of that Act (income from estates in administration), or

(e) section 664 of that Act (interest and gift aid income: community amateur sports clubs).

(1C) This paragraph also does not apply to a claim by a company for an amount to be exempt from tax by virtue of—

(a) section 472 of the Corporation Tax Act 2010 (gifts qualifying for gift aid relief: charitable companies),

(b) section 475 of that Act (gifts qualifying for gift aid relief: eligible bodies), or

(c) any of the provisions mentioned in sub-paragraph (1B).

16 In consequence of the amendments made by paragraphs 14 and 15, in Schedule 8 to FA 2010 omit paragraph 6.

Application

17 (1) The amendments made by paragraphs 1 to 4 and 7 are treated as having come into force on 8 April 2010.

(2) The amendments made by paragraphs 6, 8 and 10 are treated as having effect—

(a) for corporation tax purposes, for accounting periods ending on or after 1 April 2010, and

(b) for income tax purposes, for the tax year 2010-11 and subsequent tax years.

(3) The amendment made by paragraph 9 has effect in relation to income tax repaid on gifts made or income received on or after 6 April 2006.

(4) An amendment corresponding to that made by paragraph 10(2) is to be treated as having been made in ICTA and having had effect in relation to—

(a) gifts made by individuals to charitable companies and eligible bodies on or after 6 April 2000 which were not covenanted payments,

(b) covenanted payments falling to be made by individuals to charitable companies and eligible bodies on or after that date, and

(c) payments made to community amateur sports clubs on or after 6 April 2002.

(5) An amendment corresponding to that made by paragraph 10(3) is to be treated as having been made in ICTA and having had effect in relation to payments of income made on or after 1 April 2006.

(6) The amendments made by paragraphs 11 to 16 have effect in relation to claims whenever made.

Section 146

SCHEDULE 16 Part

2

: minor and consequential amendments

Part 1 Amendments of ICTA

1 ICTA is amended as follows.

2 Omit section 76 (expenses of insurance companies).

3 Omit section 76ZA (payments for restrictive undertakings).

4 Omit section 76ZB (seconded employees).

5 Omit sections 76ZC to 76ZE (counselling and retraining expenses).

6 Omit sections 76ZF to 76ZJ (redundancy payments etc).

7 Omit section 76ZK (contributions to local enterprise organisations or urban regeneration companies).

8 Omit sections 76ZL and 76ZM (unpaid remuneration).

9 Omit section 76ZN (car hire).

10 In section 95ZA(3) (taxation of UK distributions received by insurance companies), for “life assurance business” substitute “business in relation to which section 111 of the Finance Act 2012 applies”.

11 Omit section 431 (interpretative provisions relating to insurance companies).

12 Omit section 431ZA (election for assets not be foreign business assets).

13 Omit section 431A (amendment of Chapter etc).

14 Omit section 431B (meaning of “pension business”).

15 Omit section 431BA (meaning of “child trust fund business”).

16 Omit section 431BB (meaning of “individual savings account business”).

17 Omit section 431C (meaning of “life reinsurance business”).

18 Omit sections 431D and 431E (meaning of “overseas life assurance business” etc).

19 Omit section 431EA (meaning of “gross roll-up business”).

20 Omit section 431F (meaning of “basic life assurance and general annuity business”).

21 Omit section 431G (company carrying on life assurance business).

22 Omit section 431H (company carrying on life assurance business and other insurance business).

23 Omit section 432YA (PHI business — adjustment consequent of change in Insurance Prudential Sourcebook).

24 Omit section 432ZA (linked assets).

25 Omit section 432A (apportionment of income and gains).

26 Omit section 432AA (property businesses).

27 Omit section 432AB (losses from property businesses).

28 Omit sections 432B to 432G (apportionment of receipts brought into account).

29 Omit section 434 (franked investment income etc).

30 Omit section 434A (computation of losses and limitation on relief).

31 Omit sections 434AZA to 434AZC (reduced loss relief for additions to non-profit funds).

32 Omit section 436A (gross roll-up business: separate charge on profits).

33 Omit section 436B (gains referable to gross-roll up business not to be chargeable gains).

34 Omit sections 437 and 437A (general annuity business).

35 Omit section 438 (pension business: exemption from tax).

36 Omit section 440 (transfers of assets etc).

37 Omit section 440A (securities).

38 Omit section 440B (modifications where tax charged under s.35 of CTA 2009).

39 Omit section 440C (modifications for change of tax basis).

40 Omit section 440D (modifications in relation to BLAGAB group reinsurers).

41 Omit section 442 (overseas business of UK companies).

42 Omit section 442A (taxation of investment return where risk reinsured).

43 Omit sections 444A to 444AED (transfers of business).

44 Omit sections 444AF to 444AL (surpluses of mutual and former mutual businesses).

45 In Schedule 15 (qualifying policies), in paragraph 24(3)(a), for “section 431(2)” substitute “section 56 of the Finance Act 2012”.

46 Omit Schedule 19ABA (modifications in relation to BLAGAB group reinsurers).

Part 2 Amendments of FA 1989

47 FA 1989 is amended as follows.

48 In section 67(2) (employee share ownership trusts), for paragraph (b) (and the “or” before that paragraph) substitute—

(b) if the company is an investment company, shall be treated as expenses of management, or

(c) if the company is a company in relation to which the I - E rules apply and the sum is referable, in accordance with Chapter

4

of Part

2

of the Finance Act 2012, to the company’s basic life assurance and general annuity business, shall be treated for the purposes of section 76 of that Act as ordinary BLAGAB management expenses of the company.

49 Omit section 82 (calculation of profits: bonuses etc).

50 Omit section 82A (calculation of profits: policy holders’ tax).

51 Omit section 82B (unappropriated surplus on valuation).

52 Omit sections 82D to 82F (treatment of profits: life assurance — adjustment consequent on change in Insurance Prudential Sourcebook).

53 Omit section 83 (receipts to be taken into account).

54 Omit section 83XA (structural assets).

55 Omit sections 83YA and 83YB (changes in value of assets brought into account: non-profit companies).

56 Omit sections 83YC to 83YF (FAFTS).

57 Omit section 83A (meaning of “brought into account”).

58 Omit section 83B (changes in recognised accounts: attribution of amounts carried forward under s.432F of ICTA).

59 Omit section 85 (charge of certain receipts of basic life assurance business).

60 Omit section 85A (excess adjusted life assurance trade profits).

61 Omit section 86 (spreading of relief for acquisition expenses).

62 Omit section 88 (corporation tax: policy holders’ share of profits).

63 Omit section 89 (policy holders’ share of profits).

Part 3 Amendments of other Acts

Finance Act 1950

64 FA 1950 is amended as follows.

65 In section 39(3)(b)(ii) (treatment for taxation purposes of enemy debts etc written off during the war), for “an expenses deduction for the purposes of

Step 1 of section 76(7) of the Income and Corporation Taxes Act 1988” substitute “ordinary BLAGAB management expenses for the purposes of section 76 of the Finance Act 2012”.

Taxes Management Act 1970

66 TMA 1970 is amended as follows.

67 (1) Section 98 (special returns) is amended as follows.

(2) In the first column of the Table—

(a) omit the entry relating to regulations under section 431E(1) of ICTA, and

(b) at the end insert—

(3) In the second column of the Table—

(a) omit the entry relating to section 76ZE(4) of ICTA,

(b) omit the entry relating to regulations under section 431E(1) of ICTA, and

(c) at the end insert—

Inheritance Tax Act 1984

68 IHTA 1984 is amended as follows.

69 In section 59(3)(b) (qualifying interest in possession), for “Chapter I of Part XII of the Taxes Act 1988” substitute “Part

2

of the Finance Act 2012”.

Finance Act 1991

70 FA 1991 is amended as follows.

71 In paragraph 16(1) of Schedule 7 (transitional relief for old general annuity contracts), for the words from “computation” to “1988” substitute “application of the I - E rules in relation to an accounting period of an insurance company, an amount equal to the lesser of the following amounts is to be treated (if it is not nil) for the purposes of section 76 of the Finance Act 2012 as a deemed BLAGAB management expense for the accounting period”.

Taxation of Chargeable Gains Act 1992

72 TCGA 1992 is amended as follows.

73 In section 10B (non-resident company with United Kingdom permanent establishment), after subsection (3) insert—

(3A) This section applies to an overseas life insurance company in the case of its long-term business with the omission from subsection (1)(b) of the words “situated in the United Kingdom and”.

74 In section 100(2B)(a) (exemption for authorised unit trusts etc), for “section 431 of the Taxes Act” substitute “section 65 of the Finance Act 2012”.

75 In section 140C (transfer or division of non-UK business), omit subsection (8).

76 In section 151I(1) (meaning of “financial institution”)—

(a) in paragraph (g), for “section 431(2) of ICTA” substitute “section 65of the Finance Act 2012”, and

(b) in paragraph (h), for “section 431(2) of ICTA” substitute “section 139(1) of the Finance Act 2012”.

77 (1) Section 171C (elections under s.171A: insurance companies) is amended as follows.

(2) In subsection (2), for “section 440(3) of the Taxes Act” substitute “section 118of the Finance Act 2012”.

(3) In subsection (3)(b), for “part of that company’s long-term insurance fund” substitute “held for the purposes of the company’s long-term business”.

(4) In subsection (4), for the words from “as arising” to the end substitute “for the purposes of section 210A (ring-fencing of losses) as a non-BLAGAB chargeable gain or (as the case may be) a non-BLAGAB allowable loss”.

(5) Omit subsection (5).

78 In section 185 (deemed disposal of assets on company ceasing to be UK resident), after subsection (4) insert—

(4A) Subsection (4) applies to an overseas life insurance company in the case of its long-term business with—

(a) the omission from paragraph (a) of the words “are situated in the United Kingdom and”; and

(b) the omission from paragraph (b) of the words “are so situated and”.

79 In section 204(10)(a) (policies of insurance and non-deferred annuities), for “Chapter 1 of Part 12 of the Taxes Act” substitute “section 56(3) of the Finance Act 2012”.

80 (1) Section 210A (ring-fencing of losses) is amended as follows.

(2) For subsection (2) substitute—

(2) Non-BLAGAB allowable losses accruing to an insurance company are allowable as a deduction from the shareholders’ share (if any) of the BLAGAB chargeable gains accruing to the company (but are not otherwise allowable as a deduction from the BLAGAB chargeable gains accruing to the company).

(3) For subsections (10) and (10A) substitute—

(10) For the purposes of this section the “shareholders’ share” of BLAGAB chargeable gains or BLAGAB allowable losses accruing to an insurance company in an accounting period is determined as follows.

(10A) If the company has an I - E profit for the accounting period—

(a) find the percentage (including, if applicable, nil) of the I - E profit that is not represented by the policyholders’ share of

that profit as determined in accordance with section 103 of the Finance Act 2012, and

(b) then multiply that percentage by the amount of the BLAGAB chargeable gains or BLAGAB allowable losses.

The result is the shareholder’s share of the BLAGAB chargeable gains or BLAGAB allowable losses.

(10B) If the company does not have an I - E profit for the accounting period, the shareholders’ share of the BLAGAB chargeable gains or BLAGAB allowable losses is nil.

(10C) In determining for the purposes of subsections (10A) and (10B) whether or not the company has an I - E profit for an accounting period, assume that non-BLAGAB allowable losses cannot be deducted to any extent from BLAGAB chargeable gains (and, accordingly, assume that section 95 is not included in the Finance Act 2012).

(4) In subsection (11)—

(a) for “the policy holders’ share” substitute “the shareholders’ share”, and

(b) for “subsection (10)” substitute “subsections (10) to (10C)”.

(5) Omit subsection (12).

(6) In subsection (13)—

(a) in the definitions of “BLAGAB allowable losses” and “BLAGAB chargeable gains”, for “(in accordance with section 432A of the Taxes Act)” substitute “, in accordance with Chapter

4

of Part

2

of the Finance Act 2012,”, and

(b) omit the definitions of “the relevant profits” and “the policy holders’ share of the relevant profits” (together with the “and” before the definition of “the relevant profits”).

81 (1) Section 210B (disposal and acquisition of section 440A securities) is amended as follows.

(2) In subsection (1)—

(a) in the opening words, for “section 440A securities” (in both places) substitute “section 119 or 120 securities”, and

(b) in paragraphs (a) and (b), for “chargeable section 440A holding” substitute “chargeable section 119 or 120 holding”.

(3) In subsection (7)(a), for “linked assets” substitute “assets wholly matched to BLAGAB liabilities and the assets are”.

(4) For subsection (8) substitute—

(8) In this section—

(5) In the heading, for “section 440A securities” substitute “section 119 or 120securities”.

82 In section 210C(2) (losses on disposal of authorised investment fund assets to connected manager), in the definition of “authorised investment fund assets”, for “of the company’s long-term insurance fund consisting of” substitute “held by the company for the purposes of its long-term business that consist of”.

83 (1) Section 211 (transfers of business) is amended as follows.

(2) In subsection (2)—

(a) in paragraph (a), for “of the transferor’s long-term insurance fund” substitute “held by the transferor for the purposes of its long-term business”, and

(b) in paragraph (b), for “of the transferee’s long-term insurance fund” substitute “held by the transferee for the purposes of its long-term business”.

(3) In subsection (2A), for “structural assets within the meaning of section 83XA of the Finance Act 1989” substitute “assets which formed part of the long-term business fixed capital of the company in question”.

(4) After subsection (3) insert—

(4) Subsection (2) does not apply in relation to assets which are referable to the long-term business of the transferor if all the income of the transferor’s long-term business is chargeable to corporation tax on income under section 35 of CTA 2009.

84 In section 211ZA(10) (transfers of business: transfer of unused losses), for “(in accordance with section 432A of the Taxes Act)” substitute “, in accordance with Chapter

4

of Part

2

of the Finance Act 2012,”.

85 (1) Section 212 (annual deemed disposal of holdings of unit trusts etc) is amended as follows.

(2) In subsection (1), for “of an insurance company’s long-term insurance fund” substitute “held by an insurance company for the purposes of its long-term business”.

(3) Omit subsection (2).

(4) At the end insert—

(9) This section applies to an overseas life insurance company as if references in subsection (1) to assets were to such of the assets concerned as are UK assets.

(10) Assets (whether situated in the United Kingdom or elsewhere) are “UK assets” if, in accordance with the provision made by or under Chapter 4 of Part 2 of CTA 2009, they fall to be attributed to the permanent establishment in the United Kingdom through which the company carries on life assurance business.

86 (1) Section 213 (spreading of gains and losses under section 212) is amended as follows.

(2) In subsection (1A), for “(in accordance with section 432A of the Taxes Act)” substitute “, in accordance with Chapter

4

of Part

2

of the Finance Act 2012,”.

(3) After subsection (4) insert—

(4ZA) Subsection (4) applies in relation to an overseas life insurance company with the insertion after “long-term business” of the words “in the United Kingdom through a permanent establishment”.

87 After section 213 insert—

213A Power to modify ss.212 and 213 etc in case of CFCs that are offshore funds

(1) The Treasury may make regulations for the purpose mentioned in subsection (2) in any case where—

(a) an insurance company to which the I - E rules apply is deemed to make a disposal under section 212 of an interest in an offshore fund,

(b) the offshore fund is a CFC, and

(c) there is (or, but for the regulations, would be) a CFC charge on the insurance company referable to its relevant interest in the CFC for the accounting period in which the disposal is deemed to have been made.

(2) The regulations are to be made for the purpose of modifying the operation of—

(a) section 212 or 213,

(b) the CFC rules, or

(c) the I - E rules,

in relation to any accounting period of the insurance company so as to reduce the charge to tax.

(3) The regulations may—

(a) make different provision for different cases or circumstances, and

(b) contain incidental, supplementary, consequential, transitional, transitory or saving provision.

(4) The provision that may be made as a result of subsection (3)(b)includes provision modifying any other provision of the Corporation Tax Acts.

(5) In this section—

88 (1) Schedule 7AC (exemptions for disposals by companies with substantial shareholdings) is amended as follows.

(2) In paragraph 6(1)(c), for “section 440(1) or (2) of the Taxes Act” substitute “any of sections 116 to 118 of the Finance Act 2012”.

(3) Paragraph 17 is amended as follows.

(4) In sub-paragraph (2), for “of its long-term insurance fund” substitute “held by it for the purposes of its long-term business”.

(5) In sub-paragraph (3)(b), for “of its long-term insurance fund” substitute “for the purposes of its long-term business”.

(6) In sub-paragraph (4), for “as assets of its long-term insurance fund” substitute “for the purposes of its long-term business”.

(7) In sub-paragraph (4A)—

(a) for “of the investing company’s long-term insurance fund” substitute “held by the investing company for the purposes of its long-term business”,

(b) for “as assets of its long-term insurance fund” substitute “for the purposes of its long-term business”, and

(c) for “a structural asset, or structural assets, within the meaning of section 83XA of the Finance Act 1989” substitute “an asset or assets which formed part of the long-term business fixed capital of the company in question”.

(8) In the italic heading before that paragraph, for “insurance company’s long-term insurance fund” substitute “insurance company held for the purposes of its long-term business”.

89 In paragraph 1 of Schedule 7AD (gains of insurance company from venture capital investment partnership), for “the assets of the long-term insurance fund of an insurance company (“the company”)” substitute “the assets held by an insurance company (“the company”) for the purposes of its long-term business”.

Finance Act 1993

90 FA 1993 is amended as follows.

91 In section 91 (deemed disposals of unit trusts by insurance companies), omit subsection (2).

Finance Act 1999

92 FA 1999 is amended as follows.

93 In section 81(8) (acquisitions disregarded under insurance companies concession), in the definition of “insurance company”, for “meaning of

Chapter I of Part XII of the Taxes Act 1988” substitute “meaning given by section 65 of the Finance Act 2012”.

Capital Allowances Act 2001

94 CAA 2001 is amended as follows.

95 In section 19(5) (special leasing of plant or machinery), for “life assurance business” substitute “long-term business”.

96 In the italic heading before section 254, for “Life assurance” substitute “Long-term”.

97 In section 254(1) (introductory), for “life assurance business” substitute “long-term business”.

98 For section 255 substitute—

255 Apportionment of allowances and charges

(1) This section applies if the long-term business of the company consists of—

(a) basic life assurance and general annuity business, and

(b) non-BLAGAB long-term business.

(2) In that case—

(a) any allowance to which the company is entitled for a chargeable period in respect of a management asset, and

(b) any charge to which it is liable for a chargeable period in respect of a management asset,

must be apportioned between the businesses in accordance with Chapter

7

of Part

2

of FA 2012.

99 (1) Section 256 (different giving effect rules for different categories of business) is amended as follows.

(2) In subsection (1)(b)—

(a) for “under the I minus E basis” substitute “in accordance with the I - E rules”, and

(b) for “its life assurance business” substitute “that business”.

(3) In subsection (2)(a), for the words from “as expenses payable” to “section 76(7) of ICTA” substitute “for the purposes of section 76 of FA 2012 as deemed BLAGAB management expenses for the chargeable period in question”.

(4) Omit subsections (3) and (4).

(5) In the heading, for “different categories of business” substitute “BLAGAB”.

100 In section 257(2) (supplementary), for paragraphs (a) and (b) substitute—

(a) section 93(5) of FA 2012 (minimum profits test), or

(b) section 103 of FA 2012 (rules for determining policyholders’ share of I - E profit).

101 (1) Section 261 (special leasing: life assurance business) is amended as follows.

(2) For “life assurance business” substitute “long-term business”.

(3) In the heading, for “life assurance business” substitute “long-term business”.

102 In the heading for Chapter 1 of Part 12, for “LIFE ASSURANCE” substitute “LONG-TERM”.

103 (1) Section 544 (management assets) is amended as follows.

(2) In subsections (1) and (2), for “life assurance business” substitute “long-term business”.

(3) Omit subsection (3).

104 (1) Section 545 (investment assets) is amended as follows.

(2) In subsection (1), for “life assurance business” substitute “long-term business”.

(3) For subsections (3) to (5) substitute—

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