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4.—(1) Regulation 6 (modifications of section 431 of the Taxes Act) is amended as follows.
(2) For paragraph (1) substitute—
“(1) In this regulation—
(a)paragraphs (2), (2A), (5A) and (5B) prescribe modifications of section 431(1) of the Taxes Act so far as it applies to long-term business carried on by friendly societies, and
(b)paragraphs (3) to (5) and (6) prescribe modifications of that section so far as it applies to the long-term business carried on by non-directive friendly societies.”.
(3) In the definition of “tax exempt PHI business”(2) in paragraph (2)—
(a)in paragraph (a) for “section 466(1)(d)” substitute “section 466(1)(b)(3)”, and
(b)in paragraph (b) for “section 466(1)(d)” substitute “section 466(1)(b) which is long term business”.
(4) For the definition of “taxable PHI business” in paragraph (2) substitute—
““taxable PHI business” means—
(a)business specified in section 466(1)(b) other than tax exempt PHI business, and
(b)business other than that specified in section 466(1)(b) which is PHI business the profits arising from which are not exempt from tax by virtue of section 461(1) or 461B(1)(4);”.
(5) After paragraph (2) insert—
“(2A) In subsection (2) in the definition of “foreign currency assets”(5) before “gross roll-up business” in each place insert “taxable”.”.
(6) After paragraph (2A) (inserted by paragraph (5) above) insert—
“(2B) In the definition of “foreign business assets”(6) before “overseas life assurance business” in both places insert “taxable”.”.
(7) After paragraph (5) insert—
“(5A) In subsection (2YB)(7) before “BLAGAB income” and before “BLAGAB deductions” insert “taxable”.
(5B) In subsection (2YC)(a)(8) before “basic life assurance” insert “taxable”.”.
Section 431 was relevantly amended by paragraph 1 of Schedule 6 to the Finance Act 1990, paragraph 2 of Schedule 9 to the Finance (No. 2) Act 2005 (c. 22), article 26 of S.I. 2001/3629 and article 4(2)(e) of S.I. 2006/3270.
The definition of “tax exempt class 1V business” was amended to become the definition of “tax exempt PHI business” by regulation 6 of S.I. 2007/2134.
Section 466(1)(b) was inserted by paragraph 43 of Schedule 7 to the Finance Act 2007 (c.11).
Section 461B(1) was inserted by paragraph 7 of Schedule 9 to the Finance (No. 2) Act 1992 and amended by paragraph 82 of Schedule 1 to the Finance Act 2007.
The definition of “foreign currency assets” was inserted by Schedule 7 to the Finance Act 2007.
The definition of “foreign business assets” was substituted for the definition of “foreign currency assets” by paragraph 10(1) of Schedule 17 to the Finance Act 2008.
Subsection 431(2YB) was inserted by paragraph 18(1) of Schedule 17 to the Finance Act 2008.
Subsection 431(2YC) was inserted by paragraph 18(1) of Schedule 17 to the Finance Act 2008.
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