18.—(1) Paragraph (2) prescribes a modification of section 434E(6) of the Taxes Act(1) so far as it applies to the life or endowment business carried on by friendly societies.
(2) Before the words “basic life assurance” there shall be inserted the word “taxable”.
Section 434E was inserted by paragraphs 23(1) and 57(1) of Schedule 8 to the Finance Act 1995 with effect in relation to accounting periods beginning on or after 1st January 1995.