Regulation 9 Amendments to the principal Regulations and further modifications to Schedule 19AB

Regulation 8 of the principal Regulations shall be amended as follows.

For paragraph (3) there shall be substituted the following paragraph—

“(3)

Sub-paragraph (3) shall be omitted.”

For paragraph (4) there shall be substituted the following paragraph—

“(4)

For sub-paragraph (4) there shall be substituted the following sub-paragraph—

“(4)

The provisional fraction for the purposes of this paragraph for an accounting period which begins before 6th April 2004 shall be such fraction as the society may reasonably estimate, being a fraction which is not likely to be greater than the relevant fraction for its tax exempt business which would be determined in accordance with subsections (5) to (9B) of section 432A^f1 for that accounting period.””

In paragraph (5) there shall be added at the end the following sub-paragraphs—

“(c)

the words “or repaid” shall be omitted;

(d)

paragraph (a) shall be omitted;

(e)

for “9(2)” there shall be substituted “9(3)”;

(f)

for words “or section 42(4) of the Management Act”^f2 shall be omitted.”

For paragraph (6) and (7) there shall be substituted the following paragraph—

“(6)

Paragraphs (10) and (11) shall be omitted.”