Modifications of Schedule 8 to the Finance Act 1990

19A

1

Paragraphs (2) and (3) prescribe modifications of paragraph 1 of Schedule 8 to the Finance Act 199023 so far as it applies to the life or endowment business carried on by friendly societies and paragraph (4) prescribes a further modification of that paragraph so far as it applies to the life or endowment business carried on by non-directive societies.

2

After sub-paragraph (1) (e) there shall be added—

f

“tax exempt basic life assurance and general annuity business”, “taxable basic life assurance and general annuity business”, “taxable basic life assurance business” and “taxable general annuity business” shall be construed in accordance with section 431 (2) of the Taxes Act 198824.

3

In sub-paragraph (2), before the words “basic life assurance business” and “general annuity business”, wherever occurring, there shall be inserted the word “taxable”.

4

The following sub-paragraph shall be added at the end—

3

References in this Schedule to assets, in relation to a company’s long term business fund, have the same meaning as in section 432A(1) of the Taxes Act 198825.

19B

1

Paragraphs (2) and (3) prescribe modifications of paragraph 3 of Schedule 8 to the Finance Act 199026 so far as it applies to the life or endowment business carried on by friendly societies.

2

In sub-paragraph (1)(c)—

a

before the words “basic life assurance and general annuity business” where they first occur there shall be inserted the word “taxable”; and

b

for the words “basic life assurance and general annuity business” where they secondly occur there shall be substituted the words “taxable basic life assurance and general annuity business or tax exempt basic life assurance and general annuity business”.

3

In sub-paragraph (2) (a), after the words “pension business” there shall be inserted the words “or tax exempt basic life assurance and general annuity business”.