Modification of section 256 of the Capital Allowances Act 200153C

1

Paragraphs (2) and (3) prescribe modifications of section 256 of the Capital Allowances Act 20017 so far as it applies to the life or endowment business carried on by friendly societies for chargeable periods ending on or after 1st April 2001.

2

In subsection (1)(a) before the words “basic life assurance and general assurance business” there shall be inserted the word “taxable”.

3

In subsection (2)(a) before the words “basic life assurance and general assurance business” there shall be inserted the word “taxable”.

Modification of section 560 of the Capital Allowances Act 200153D

1

Paragraph (2) prescribes a modification of section 560 of the Capital Allowances Act 2001 in respect of specified transactions occurring during chargeable periods ending on or after 1st April 2001.

2

In subsection (1) omit paragraph (b)8.