The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992

Modifications of section 432A of the Taxes Act

7.—(1) Paragraphs (2) to (4) prescribe modifications of section 432A of the Taxes Act so far as it applies to the life or endowment business carried on by registered friendly societies for accounting periods beginning on or after 1st January 1992.

(2) For subsection (2) there shall be substituted—

“(2) The classes of life assurance business referred to in subsection (1) above are—

(a) pension business;

(b) overseas life assurance business;

(c) taxable basic life assurance and general annuity business; and

(d) tax exempt basic life assurance and general annuity business.”

(3) In subsection (3) for the words following “pension business” there shall be substituted the words “, taxable basic life assurance and general annuity business or tax exempt basic life assurance and general annuity business shall be referable to the category of business concerned.”

(4) In subsection (7) for sub-paragraph (iii) of paragraph (a) there shall be substituted—

“(iii) where the category of business in question is pension business, taxable basic life assurance and general annuity business or tax exempt basic life assurance and general annuity business, are references to those categories of business.”