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3. After regulation 13 there shall be inserted the following regulations—
13A.—(1) Paragraphs (2) to (4) prescribe modifications of subsection (4) of section 432AA of the Taxes Act(1) so far as it applies to the life or endowment business carried on by friendly societies on and after 1st April 1998, subject to the transitional provisions in Part IV of Schedule 5 to the Finance Act 1998.
(2) In paragraph (c) before the words “basic life assurance” there shall be inserted the word “taxable”.
(3) After paragraph (c) there shall be inserted the following paragraph—
“(ca)tax exempt basic life assurance and general annuity business;”.
(4) For paragraph (d) there shall be substituted the following paragraphs—
“(d)taxable class IV business;
(da)tax exempt class IV business.”
13B.—(1) Paragraphs (2) and (3) prescribe modifications of section 432AB of the Taxes Act so far as it applies to the life or endowment business carried on by friendly societies on and after 1st April 1998, subject to the transitional provisions in Part IV of Schedule 5 to the Finance Act 1998.
(2) In subsection (3) before the words “basic life assurance” there shall be inserted the word “taxable”.
(3) In subsection (4) before the words “basic life assurance” there shall be inserted the word “taxable”.”
1988 c. 1; sections 432AA and 432AB were inserted by paragraph 39 of Schedule 5 to the Finance Act 1998 (c. 36).
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