Modifications of section 432A of the Taxes Act12

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 ending on or after 1st September 1996.

2

For paragraph (f) there shall be substituted—

f

taxable class IV business; and

fa

tax exempt class IV business.