SCHEDULES

SCHEDULE 18Friendly societies

Repeal of obsolete provisions

5

1

Omit—

a

section 462(3) and (4) (tax exempt business: insurances made in 1984-85), and

b

section 462A (election relating to profits attributable to pre-1991 contracts expressed not to be part of tax exempt business).

2

In section 462(1), for “subsections (2) to (4)” substitute “ subsection (2) ”.

3

In consequence of sub-paragraph (1), omit—

a

paragraph 2 of Schedule 9 to FA 1991,

b

paragraph 9 of Schedule 9 to F(No.2)A 1992, and

c

section 45(4) and (5) of FA 2007.