8(1)In section 431(2) of ICTA (interpretative provisions relating to insurance companies) insert at the appropriate place—U.K.
““non-profit company”, in relation to a period of account, means a company carrying on long-term business where, at the end of the period—
(a)none of the liabilities of that business, or
(b)none but an insignificant proportion of those liabilities,
are with-profits liabilities;”,
““non-profit fund” means a fund that is not a with-profits fund;”, and
““with-profits fund” has the meaning given by the Prudential Sourcebook (Insurers);”.
(2)Omit—
(a)in section 432YA(5) of ICTA, the definitions of “non-profit company” and “non-profit fund”,
(b)section 82D(5) of FA 1989,
(c)in section 83YA of that Act, subsection (8) and, in subsection (11), the definition of “with-profits fund”, and
(d)in section 83A of that Act, in subsections (2)(b) and (3D)(b) “(see subsection (6))” and subsection (6).