Modifications of section 432B of the Taxes Act in relation to directive societies9.
(1)
Paragraph (2) prescribes modifications of section 432B of the Taxes Act10 so far as it applies to the life or endowment business carried on by directive societies.
(2)
In subsections (1) and (2) for the words “the Insurance Companies Act 1982” there shall be substituted the words “the Friendly Societies Act 1974 or the Friendly Societies Act (Northern Ireland) 1970”.