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–