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“assurance business” has the meaning assigned to it by section 3 of the Insurance Act 1936;

(a) an assurance company within the meaning of section 3 of the Insurance Act 1936, or

“assurance business” has the meaning assigned to it by section 3 of the Insurance Act 1936;

(a) an assurance company within the meaning of section 3 of the Insurance Act 1936, or

(8) Where, in respect of any claim for exemption from duty under this section which has been allowed, it is subsequently found that any statement or other evidence furnished in support of the claim was untrue in any material particular the exemption was not properly due, or that the conditions set out in subsection (3) are not fulfilled in the demutualisation as actually carried out, then the exemption shall cease to be applicable and stamp duty shall be chargeable on the instrument as if subsection (2) had not been enacted together with interest on the duty, by means of penalty, calculated in accordance with section 159D, from the date of the instrument to the date on which the duty is paid.