10.—(1) Section 440 (transfers of assets etc)(1) is modified as follows.
(2) In subsection (4)—
(a)after paragraph (a) insert—
“(b)assets which are linked solely to tax exempt life assurance business;”, and
(b)in paragraph (e), for “either” substitute “any”.
Sections 440 and 440A were substituted for section 440 by paragraph 8 of Schedule 6 to the Finance Act 1990. Section 440 was relevantly amended by paragraph 5(3) of Schedule 8 to the Finance Act 1995 and paragraph 31 of Schedule 7 to the Finance Act 2007.