24.—(1) Modify section 83A(1) (meaning of “brought into account”), as follows.
(2) After subsection (2) insert—
“(2A) In the case of an EEA firm or a Treaty firm, subject to the following provisions of this section, the accounts recognised for the purposes of those sections are technical accounts included in the IAD accounts in respect of the whole of the company’s long-term business or such of that business as is carried on through the permanent establishment in the United Kingdom through which the company carries on life assurance business.”.
(3) At the end insert—
“(7) In the case of a UK-authorised firm references in this section to the company’s long-term business shall be treated as references to the whole of that business or to the whole of that business other than business in respect of which preparation of a revenue account for the purposes of Chapter 9 of the Prudential Sourcebook (Insurers) is not required.”.
Section 83A was substituted by paragraph 16(1) of Schedule 8 to the Finance Act 1995.