SCHEDULES

SCHEDULE 8 Life assurance business

Part I General amendments

Treatment of tax-free income

25

1

In the Taxes Act 1988 omit—

a

section 474(1)(b); and

b

in section 475(2)(a), the words from “or,” to “life assurance business”.

2

In section 474 of the Taxes Act 1988, at the end insert—

3

In this section any reference to insurance business includes a reference to insurance business of any category.