3.—(1) Regulation 5 (modifications of section 76 of the Income and Corporation Taxes Act 1988)(1) is amended as follows.
(2) In paragraph (2), in sub-paragraphs (i) and (ii) of paragraph (b) of the substituted subsection (3), for “profit and loss account” substitute “long-term business technical account”.
(3) After paragraph (4) add—
“(5) In subsection (15)(2), after the definition of “expenses payable” insert—
““long-term business technical account” means the technical account for life-assurance business included in IAD accounts, or where the technical account included in the IAD accounts for non-life-insurance business of the company is used for all business, such part of that account as relates to the long-term business of the company;”.”
Regulation 5 was amended by S.I. 2007/2146.
Section 76 was substituted by section 40(1) of the Finance Act 2004 (c. 12) and subsection (15) was amended by paragraph 3(5) of Schedule 7, and paragraph 14(2)(c) of Schedule 10, to the Finance Act 2007.