17.—(1) Paragraph (2) prescribes a modification of section 440A(2) of the Taxes Act(1) so far as it applies to the life or endowment business carried on by friendly societies.
(2) In paragraph (a), for sub-paragraph (iii) substitute—
“(iii)taxable basic life assurance and general annuity business, or
(iv)tax exempt basic life assurance and general annuity business,”.
Section 440A was inserted by paragraph 8 of Schedule 6 to the Finance Act 1990 and relevantly amended by paragraph 57 of Schedule 8 to the Finance Act 1995.