(1)In subsections (4) and (5) of section 332 of the Taxes Act (exemption of income and gains of a registered friendly society whose rules make no provision for it to carry on life or endowment business consisting of the assurance of gross sums exceeding £1,000 or of the granting of annuities of annual amounts exceeding £208) for “£1,000 ” and “£208 ” there shall be substituted respectively “£2,000 ” and “£416 ”.
(2)The [1970 c. 31 (N.I.).] Friendly Societies Act (Northern Ireland) 1970 and the [1974 c. 46.] Friendly Societies Act 1974 shall be amended as follows—
(a)in section 1(3A) of the said Act of 1970 and in section 7(3A) of the said Act of 1974 (registration of societies) for “£1,000 ” and “£208 ” there shall be substituted respectively “£2,000 ” and “£416 ” ; and
(b)in section 55(1) of the said Act of 1970 and in section 64(1) of the said Act of 1974 (maximum benefits) in paragraph (a) for “£1,000” there shall be substituted “£2,000 ” and in paragraph (b) for “£208 ” there shall be substituted “£416 ”.
(3)In section 338 of the Taxes Act (income and gains of a trade union precluded by Act or rules from assuring to any person a sum exceeding £1,000 by way of gross sum or £208 a year by way of annuity exempted if applied for purpose of provident benefits) for “£1,000 ” and “£208 ” there shall be substituted respectively “£2,000 ” and “£416 ”.
(4)Subsection (1) above has effect in relation to any year of account of a registered friendly society or branch ending on or after 1st June 1980 and subsection (3) above has effect in relation to income or gains which are applicable and applied as mentioned in subsection (1) of the said section 338 on or after that date.