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 118 of 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).