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12. After regulation 21 there shall be inserted the following regulations—
21A.—(1) Paragraph (2) prescribes a modification of subsection (1A) of section 213 of the 1992 Act(1) so far as it applies to the life or endowment business carried on by friendly societies for accounting periods of incorporated friendly societies beginning on or after 19th February 1993 and for accounting periods of friendly societies other than incorporated friendly societies beginning on or after 1st January 1993.
(2) In paragraph (a) after the words “referable to” there shall be inserted the word “taxable”.
21B.—(1) Paragraphs (2) to (5) prescribe modifications of section 214 of the 1992 Act(2) so far as it applies to the life or endowment business carried on by friendly societies and paragraph (6) prescribes a further modification of that section so far as it applies to the life or endowment business carried on by non-directive societies for accounting periods beginning on or after 6th April 1992.
(2) In subsection (1)(c), before the words “basic life assurance” there shall be inserted the word “taxable”.
(3) In subsection (2), before the words “basic life assurance business” and before the words “general annuity business”, wherever occurring, there shall be inserted the word “taxable”.
(4) In subsection (6)(c)—
(a)before the words “basic life assurance and general annuity business” where they first occur there shall be inserted the word “taxable”; and
(b)for the words “basic life assurance and general annuity business” where they secondly occur there shall be substituted the words “taxable basic life assurance and general annuity business or tax exempt basic life assurance and general annuity business”.
(5) In subsection (7)(a), after the words “pension business” there shall be inserted the words “or tax exempt basic life assurance and general annuity business”.
(6) The following subsection shall be added at the end—
“(13) References in this section to assets, in relation to a company’s long term business fund, have the same meaning as in section 432A (1) of the Taxes Act.”.
21C.—(1) Paragraphs (2) and (3) prescribe modifications of section 214A of the 1992 Act(3) so far as it applies to the life or endowment business carried on by friendly societies for accounting periods of incorporated friendly societies beginning on or after 19th February 1993 and for accounting periods of friendly societies other than incorporated friendly societies beginning on or after 1st January 1993.
(2) In subsection (4), before the words “basic life assurance”, wherever occurring, there shall be inserted the word “taxable”.
(3) In subsection (11)—
(a)before the words “basic life assurance” there shall be inserted the word “taxable”; and
(b)in paragraph (a), after the words “pension business” there shall be inserted the words “,tax exempt basic life assurance and general annuity business”.”.
Section 213(1A) was inserted by section 91(4) of the Finance Act 1993.
Section 214 was amended by section 91(5) and (6) of, and Part III(8) of Schedule 23 to, the Finance Act 1993 and by paragraph 1 of Schedule 9 to the Finance Act 1995; and, in its application to an overseas life insurance company, by paragraph 12 of Schedule 7B to the Taxation of Chargeable Gains Act 1992. Schedule 7B was inserted by Schedule 11 to the Finance Act 1993.
Section 214A was inserted by section 91(5) of the Finance Act 1993 and amended by paragraph 9(3) of Schedule 8, and paragraphs 1 and 5 of Schedule 9, to the Finance Act 1995.
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