“Modification of paragraph 16 of Schedule 7 to the Finance Act 199120A.

(1)

Paragraph (2) prescribes a modification of paragraph 16 of Schedule 7 to the Finance Act 199127 so far as it as applies in specified cases to the life or endowment business carried on by friendly societies for accounting periods beginning on or after 1st January 1992.

(2)

In sub-paragraph (7), in the definition of “general annuity contract”, before the words “general annuity business” there shall be inserted the word “taxable”.”.