The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992

Modifications of section 432A of the Taxes Act

6.—(1) Paragraphs (2) to (4) prescribe modifications of section 432A of the Taxes Act(1) so far as it applies to the life or endowment business carried on by registered friendly societies for income arising, and disposals occurring, on or after 1st January 1990.

(2) For subsection (2) there shall be substituted—

“(2) The classes of life assurance business referred to in subsection (1) above are—

(a) pension business;

(b) taxable general annuity business;

(c) tax exempt general annuity business;

(d) overseas life assurance business;

(e) taxable basic life assurance business; and

(f) tax exempt basic life assurance business.”

(3) In subsection (3) for the words following “pension business” there shall be substituted the words “, taxable basic life assurance business or tax exempt basic life assurance business shall be referable to the category of business concerned.”

(4) In subsection (7) for sub-paragraph (iii) of paragraph (a) there shall be substituted—

“(iii) where the category of business in question is pension business, taxable general annuity business, tax exempt general annuity business, taxable basic life assurance business or tax exempt basic life assurance business, are references to those categories of business.”

(1)

Section 432A was inserted by paragraph 4 of Schedule 6 to the Finance Act 1990 and amended by paragraphs 3 and 18 of Schedule 7 to the Finance Act 1991 with respect to accounting periods beginning on or after 1st January 1992.