Modifications of section 83A of the Finance Act 198936

1

Paragraph (2) prescribes a modification of section 83A of the Finance Act 198937 so far as it applies to the life or endowment business carried on by directive societies.

2

For subsection (2) there shall be substituted—

2

The accounts recognised for the purposes of those sections are—

a

a revenue account included in, or supplied to the Friendly Societies Commission with, the society’s valuation report which contains items relating to the society’s life or endowment business in respect of the whole of the society’s long term business;

b

any separate revenue account included in, or supplied to the Friendly Societies Commission with, the society’s valuation report which contains items relating to the society’s life or endowment business in respect of a part of the society’s long term business.

Paragraph (b) above does not include accounts required in respect of internal linked funds.

2A

In subsection (2) above “life or endowment business” has the meaning given by section 466(1) of the Taxes Act 198838.