Modifications of section 431H of the Taxes Act7A

1

Paragraphs (2) to (4) prescribe modifications of section 431H of the Taxes Act3 so far as it applies to the life or endowment business carried on by friendly societies.

2

For subsection (1) substitute—

1

This section applies in relation to a friendly society which carries on two or more of the following—

a

life assurance business,

b

taxable PHI business,

c

tax exempt PHI business, and

d

insurance business of any other kind.

3

In subsection (2)—

a

omit the word “and” immediately following paragraph (a),

b

after paragraph (a) insert—

aa

taxable PHI business,

ab

tax exempt PHI business, and

c

in paragraph (b) for “the” substitute “any”.

4

Omit subsections (3) and (4).