Amendment of section 420 (losses, etc. which may be surrendered by means of group relief) of Principal Act.
54.—Section 420 of the Principal Act is amended by the substitution for subsection (9) of the following:
“(9) (a) References in the preceding subsections to a surrendering company shall not include references to a company carrying on life business except to the extent that such life business is new basis business within the meaning of section 730A (inserted by the Finance Act, 2000).
(b) For the purposes of this section ‘life business’ shall be construed in accordance with section 706(1).”.
