Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997
4.—(1) In regulation 13(2), in the substituted subsection (6) of section 432A of the Income and Corporation Taxes Act 1988(1)—
(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.
Section 432A was inserted by paragraph 4 of Schedule 6 to the Finance Act 1990 and subsection (6) was amended by paragraph 13(3) of Schedule 8 to the Finance Act 1995 (c. 4) and section 109(3) and (4) of the Finance Act 2000.