57U.K.FA 1989 is amended as follows.
58U.K.In section 88(3A) (corporation tax: policy holders' fraction of profits), for paragraph (b) substitute—
“(b)profits of the company chargeable under Case VI of Schedule D under section 436A of the Taxes Act 1988 (gross roll-up business).”
59U.K.In section 89(1A) (policy holders' share of profits), for paragraph (a) substitute—
“(a)deducting from any profits of the company for the period chargeable under Case VI of Schedule D under section 436A of the Taxes Act 1988 so much of the Case I profits of the company for the period in respect of its life assurance business as does not exceed the amount of any profits of the company for the period so chargeable, and”.