Modifications of section 432A of the Taxes Act
11.—(1) Paragraph (2) prescribes a modification of section 432A(2) of the Taxes Act so far as it applies to the life or endowment business carried on by friendly societies in relation to accounting periods beginning on or after 1st January 1996.
(2) For paragraph (d) there shall be substituted—
“(d)taxable basic life assurance and general annuity business;
(da)tax exempt basic life assurance and general annuity business;”.