Modifications of section 88A of the Finance Act 198940

1

Paragraphs (2) to (7) prescribe modifications of section 88A of the Finance Act 198942 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 1st April 1996.

2

In subsection (1) before the words “BLAGAB profits” there shall be inserted the word “taxable”.

3

In subsection (3) before the words “basic life assurance” there shall be inserted the word “taxable”.

4

In subsection (4)—

a

in paragraph (a) before the words “basic life assurance” there shall be inserted the word “taxable”;

b

paragraphs (b) and (c) shall be omitted;

c

before the words “BLAGAB profits” in each place where they occur there shall be inserted the word “taxable”.

5

Subsection (5) shall be omitted.

6

In subsection (6)—

a

before the words “BLAGAB profits” there shall be inserted the word “taxable”;

b

before the words “basic life assurance” there shall be inserted the word “taxable”.

7

In subsection (7)—

a

before the words “BLAGAB profits” there shall be inserted the word “taxable”;

b

before the words “basic life assurance” in each place where they occur there shall be inserted the word “taxable”.