Amendment of regulation 9 (modifications of section 432A of the Taxes Act)6

1

Regulation 9 (modifications of section 432A of the Taxes Act)13 is amended as follows.

2

For paragraph (1) substitute—

1

In this regulation—

a

paragraphs (1A), (2), (4) and (4A) prescribe modifications of section 432A14 of the Taxes Act so far as it applies to long-term business carried on by friendly societies, and

b

paragraph (3) prescribes a further modification of that section so far as it applies to the long-term business carried on by partnership pensions societies.

3

After paragraph (1) insert—

1A

In subsection (1ZC)15 before “PHI” insert “taxable”.

4

After paragraph (4) insert—

4A

For subsection (3A)16 substitute—

3A

Amounts falling within—

a

section 442A17, or

b

section 85(2C)18 of the Finance Act 1989,

are directly referable to taxable basic life assurance and general annuity business to the extent that the amounts are referable to that business.