Modifications of section 440A of the Taxes Act17

1

Paragraphs (2) and (3) prescribe modifications of section 440A of the Taxes Act15 so far as it applies to the life or endowment business carried on by friendly societies.

2

In subsection (2)(a)—

a

in sub-paragraph (i) before “basic life assurance” insert “taxable”;

b

after sub-paragraph (i) insert—

ia

tax exempt basic life assurance and general annuity business, or

3

Omit subsection (3).