8 Modification of section 432 of the Taxes Act
1 Paragraph (2) prescribes a modification of section 432 of the Taxes Act so far as it applies to the life or endowment business carried on by friendly societies in relation to accounting periods ending on or after 1st September 1996.
Section 432 was amended by paragraph 12(3) of Schedule 8 to the Finance Act 1995 and by section 167(1) of, and Part V(26) of Schedule 41 to, the Finance Act 1996.
2 At the end of the section the following subsections shall be inserted—

“3 Where a friendly society carries on both tax exempt class IV business and taxable class IV business, the business of each such category shall, for the purposes of the Corporation Tax Acts, be treated as though it were a separate business.”