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23.—(1) Paragraphs (2) to (5) prescribe modifications of section 804B of the Taxes Act(1) so far as it applies to the life or endowment business carried on by friendly societies.
(2) The modification of section 804B(4)(a) prescribed by paragraph (3)(a) shall not apply where section 804B(4) is applied by virtue of regulation 4(3) and (5) of the Double Taxation Relief (Surrender of Relievable Tax within a Group) Regulations 2001(2).
(3) In subsection (4)—
(a)in paragraph (a) before “basic” insert “taxable”;
(b)for paragraph (b) substitute—
“(b)taxable class IV business,”.
(4) In subsection (5)—
(a)in paragraph (a) before “basic” insert “taxable”;
(b)for paragraph (b) substitute—
“(b)tax exempt basic life assurance and general annuity business; nor
(c)taxable class IV business; nor
(d)tax exempt class IV business.”.
(5) In subsection (9) for the words from “other than” to “credit in respect of” substitute—
“other than—
taxable basic life assurance and general annuity business, or
tax exempt basic life assurance and general annuity business, or
taxable class IV business, or
tax exempt class IV business,
credit in respect of”.
Section 804B was inserted by paragraph 17 of Schedule 30 to the Finance Act 2000.
S.I. 2001/1163.
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