Modification of section 432 of the Taxes Act8

1

Paragraph (2) prescribes a modification of section 432 of the Taxes Act12 so far as it applies to the life or endowment business carried on by friendly societies.

2

At the end of the section insert the following subsection—

3

Where a friendly society carries on both tax exempt class IV business and taxable class IV business, the business of each such category shall, for the purposes of the Corporation Tax Acts, be treated as though it were a separate business.