Modification of section 85(1) of the Finance Act 1989
38.—(1) Paragraph (2) prescribes a modification of section 85(1) of the Finance Act 1989(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”.
(1)
Section 85(1) was amended by paragraph 12 of Schedule 7 to the Finance Act 1991.