Regulation 5 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

After regulation 30A^f1 insert the following regulation—

“Modification of section 587B of the Taxes Act

30AA

(1)

Paragraph (2) prescribes a modification of section 587B of the Taxes Act^f2 so far as it applies to the life or endowment business carried on by friendly societies.

(2)

In subsection (8)(b)(ii) before “basic life assurance” insert “taxable”.

(3)

This regulation shall have effect in relation to disposals made by friendly societies on or after 1st April 2000.”.