Modifications of section 432AA of the Taxes Act10

1

Paragraphs (2) to (4) prescribe modifications of subsection (4) of section 432AA of the Taxes Act14 so far as it applies to the life or endowment business carried on by friendly societies.

2

In paragraph (c) at the beginning, insert “taxable”.

3

After paragraph (c) insert the following paragraph—

ca

tax exempt basic life assurance and general annuity business;

4

For paragraph (d) substitute the following paragraphs—

d

taxable class IV business;

e

tax exempt class IV business.