The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1995

Amendments to the principal Regulations

8.  After regulation 18 there shall be inserted the following regulation—

“Modifications of section 28 of the Capital Allowances Act 1990

18A.— (1) Paragraphs (2) and (3) prescribe modifications of section 28 of the Capital Allowances Act 1990(1) so far as it applies in specified cases to the life or endowment business carried on by friendly societies for accounting periods ending on or after 6th April 1990 but beginning before 1st January 1995.

(2) In subsection (1) for the words from “of the business” to “of life assurance,” there shall be substituted the words “of the taxable life or endowment business of a friendly society”.

(3) After subsection (1) there shall be inserted—

“(1A) In subsection (1) above “taxable life or endowment business” means life or endowment business (construed in accordance with section 466(1) of the principal Act) which is not exempt from corporation tax by virtue of section 460(1) of that Act.”.”.

(1)

1990 c. 1; section 28 was amended by paragraph 9 of Schedule 7 to the Finance Act 1990 and substituted by paragraph 24 of Schedule 8 to the Finance Act 1995 with respect to accounting periods beginning on or after 1st January 1995.