Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 19974

1

In regulation 13(2), in the substituted subsection (6) of section 432A of the Income and Corporation Taxes Act 19885—

a

in paragraph (a) of that subsection insert “(but not below nil)” after “reduced” and insert “net” before “values”;

b

for paragraph (b) of that subsection substitute—

b

the denominator is the aggregate of—

i

the numerator given by paragraph (a) above; and

ii

the numerators given by that paragraph in relation to the other categories of business.

2

This regulation shall have effect in relation to accounting periods beginning on or after 1st January 2000 and ending on or after 21st March 2000.