- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (22/03/2001)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 21/07/2008
Point in time view as at 22/03/2001.
There are currently no known outstanding effects for the Finance Act 1991, Paragraph 2.
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2U.K.After section 462 of that Act there shall be inserted—
(1)Where a registered friendly society has tax exempt life or endowment business which includes contracts—
(a)made before 20th March 1991, and
(b)expressed at the outset not to be made in the course of such business,
the society may by notice to the inspector elect that section 460(1) shall not apply to so much of the profits arising from such business as is attributable to such contracts.
(2)Where a registered friendly society has tax exempt life or endowment business which includes contracts falling within subsection (3) below, the society may by notice to the inspector elect that section 460(1) shall not apply to so much of the profits arising from such business as is attributable to such contracts.
(3)A contract falls within this subsection if—
(a)at the outset, it is neither expressed to be made in the course of tax exempt life or endowment business nor expressed not to be so made but is assumed by the society not to be so made, and
(b)the policy issued in pursuance of it falls within paragraph 21(1)(b) of Schedule 15.
(4)An election under subsection (2) above shall only be valid if the society satisfies the inspector (or the Commissioners on appeal) that it is possible to identify all the contracts to which the election relates.
(5)If the inspector decides that he is not satisfied as mentioned in subsection (4) above, he shall give notice of his decision to the society; and section 42(3), (4) and (9) of, and paragraph 1(1) to (1E) of Schedule 2 to, the Management Act shall apply in relation to such a decision as they apply in relation to a decision of an inspector on a claim.
(6)An election under subsection (1) or (2) above shall have effect for accounting periods ending on or after the day on which the Finance Act 1991 was passed.
(7)No election under subsection (1) or (2) above may be made after 31st July 1992.
(8)Where a friendly society has made an election under subsection (1) or (2) above, then, for any accounting period for which the election has effect—
(a)section 460(1) shall apply to profits arising from life or endowment business which would have been included in the society’s tax exempt life or endowment business had no account been taken of the contracts to which the election relates, and
(b)section 462(1), in its application to the society, shall have effect with the insertion after “societies” of “and all policies issued in pursuance of contracts to which an election under section 462A(1) or (2) relates”.”
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