The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2007 No. 2134

Amendment of regulation 17

17.  For regulation 17 (modification of section 440A(2) of the Taxes Act) substitute—

“Modifications of section 440A of the Taxes Act

17.— (1) Paragraphs (2) and (3) prescribe modifications of section 440A of the Taxes Act(1) 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).”

(1)

Section 440A was substituted for section 440 by paragraph 8 of Schedule 6 to the Finance Act 1990 and relevantly amended by paragraph 6 of Schedule 8 to the Finance Act 1995 and paragraph 32 of Schedule 7 to the Finance Act 2007.