SCHEDULES
SCHEDULE 9 Friendly societies
Amendments of the Taxes Act 1988
5
1
Section 460 (exemption from tax for registered friendly societies in respect of life or endowment business) shall be amended as follows.
2
In subsection (1), for “registered friendly society" there shall be substituted “
friendly society
”
.
3
In subsection (2)—
a
in paragraph (a), for “friendly society" there shall be substituted “
registered friendly society
”
, and
b
the following paragraph shall be inserted after paragraph (a)—
aa
shall not, subject to section 462, exempt an incorporated friendly society which, before its incorporation, was a registered friendly society such as is mentioned in paragraph (a) above;
4
In subsections (5) to (10), for “registered friendly society" (in each place) there shall be substituted “
friendly society
”
.
5
In subsection (11)—
a
for “registered friendly society" there shall be substituted “
friendly society
”
,
b
for “section 72 of the M1Friendly Societies Act (Northern Ireland) 1970" there shall be substituted “
section 91 of the Friendly Societies Act 1992
”
, and
F1c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .