37.—(1) Paragraphs (2) and (3) prescribe modifications of Section 83A of the Finance Act 1989 so far as it applies to the life or endowment business carried on by non-directive societies.
(2) For subsection (2) there shall be substituted—
“(2) The account recognised for the purposes of those sections is the income and expenditure account prepared in accordance with the requirements of the Friendly Societies (Accounts and Related Provisions) Regulations 1994(1).”
(3) Subsections (3) to (5) shall be omitted.