1

Paragraphs (2) to (4) prescribe modifications of section 432A of the Taxes Act4 so far as it applies to the life or endowment business carried on by the non-directive societies specified in paragraph (1A) below, and paragraphs (2) to (5) prescribe modifications of section 432A of the Taxes Act so far as it applies to the life or endowment business carried on by non-directive societies other than those specified in paragraph (1A) below.

1A

The non-directive societies specified in this paragraph are those to which subsection (3) of section 37 of the Friendly Societies Act 1992 applies, and which, by virtue of subsection (8) of that section, are authorised to carry on long term business.