Finance Act, 2000

Amendment of section 710 (profits of life business) of Principal Act.

56.—(1) Section 710 of the Principal Act is amended in subsection (2)(a)—

(a) by the substitution for “where a company's trading operations consist solely of a foreign life assurance business” of “where a company's trading operations on 31 December 2000 consisted solely of foreign life assurance business”, and

(b) by the deletion of subparagraphs (iii) and (iv).

(2) Subsection (1) shall apply as respects the financial year 2001 and subsequent financial years.