Modifications of section 755A of the Taxes Act
22.—(1) Paragraphs (2) to (9) prescribe modifications of section 755A of the Taxes Act(1) so far as it applies to the life or endowment business carried on by friendly societies.
(2) In subsections (3) and (10) before “BLAGAB apportioned profit”, in each place where those words occur, insert “taxable”.
(3) In subsection (4)—
(a)omit the word “or” immediately following paragraph (b);
(b)after paragraph (c) insert—
“or
(d)tax exempt basic life assurance and general annuity business,”.
(4) In subsection (6)(c) for “paragraphs (a) to (c)” substitute “paragraphs (a) to (d)”.
(5) In subsection (11)—
(a)before “BLAGAB” insert “taxable”;
(b)in paragraph (b) at the end add “which is taxable”.
(6) In subsection (11B)(b), before “BLAGAB profits” insert “taxable”.
(7) In subsection (11C)(b), before “BLAGAB profits” insert “taxable”.
(8) In subsection (12), in the definition of “BLAGAB apportioned profit”—
(a)before “BLAGAB” insert “taxable”;
(b)before “basic life assurance” insert “taxable”.
(9) In subsection (13)—
(a)Omit the word “or” immediately following paragraph (c);
(b)in paragraph (d) before “basic life assurance” insert “taxable”;
(c)after paragraph (d) insert—
“or
(e)tax exempt basic life assurance and general annuity business,”.
Section 755A was inserted by paragraph 13 of Schedule 17 to the Finance Act 1998 (c. 36) and relevantly amended by paragraph 13 of Schedule 33 to the Finance Act 2003.