Section 12

INTRODUCTORY

1  ITEPA 2003 is amended as follows.

RIGHTS UNDER CERTAIN INSURANCE CONTRACTS TO BE SECURITIES

2(1)  Section 420 (income and exemptions relating to securities: meaning of “securities” etc.) is amended as follows.

2(2)  [Inserts ITEPA 2003, s. 420(1)(aa).]

2(3)  [Amends ITEPA 2003, s. 420(1)(b).]

2(4)  [Amends ITEPA 2003, s. 420(1)(g).]

2(5)  [Inserts ITEPA 2003, s. 420(1A) and (1B).]

2(6)  [Amends ITEPA 2003, s. 420(5).]

2(7)  In Part 2 of Schedule 1 (index of defined expressions), insert at the appropriate place–

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