11. For regulation 21 there shall be substituted—
21.—(1) Paragraph (3) prescribes a modification of section 212 of the 1992 Act(1) so far as it applies to the life or endowment business carried on by friendly societies and paragraph (4) prescribes a further modification of that section so far as it applies to the life or endowment business carried on by non-directive societies.
(2) This regulation has effect for accounting periods of incorporated friendly societies beginning on or after 19th February 1993, and for accounting periods of friendly societies other than incorporated friendly societies beginning on or after 1st January 1993.
(3) In subsection (2), before the words “or to assets” there shall be inserted the words “or tax exempt basic life assurance and general annuity business”.
(4) The following subsection shall be added at the end—
“(9) In subsection (1) above, the word “assets” in the expression “assets of an insurance company’s long term business fund” shall be construed in accordance with the word “assets” in the expression “assets of the company’s long term business fund” in subsection (11) of section 432A of the Taxes Act.”.”.
Section 212 was amended by section 91(2)(b) and (3) of, and Part III(8) of Schedule 23 to, the Finance Act 1993, and by section 134(5) to (7) of, and paragraphs 9(2) and 28(5) of Schedule 8 to, the Finance Act 1995.