Modifications of section 432AA of the Taxes Act

10.—(1) Paragraphs (2) to (4) prescribe modifications of subsection (4) of section 432AA of the Taxes Act(1) 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.”

(1)

Section 432AA was inserted by paragraph 39 of Schedule 5 to the Finance Act 1998 (c. 36) and amended by Article 52 of S.I. 2001/3629.