5(1)  Modify section 76 (expenses of insurance companies) as follows.

5(2)  For subsection (3) substitute–

76(3)  “For the purposes of this section “expenses payable”  means–

(a)where the company is a UK-authorised firm, expenses brought into account in the periodical return of the company for a period of account in line 12, 22 or 25 of Form 40 (the revenue account) in relation to the long-term business carried on by the company at a permanent establishment in the United Kingdom;

(b)where the company is an EEA firm or a Treaty firm–

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