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Section 176
1ICTA is amended as follows.
2Omit section 459 (unregistered friendly societies: exemption from tax).
3Omit section 460 (exemption from tax in respect of life or endowment business).
4Omit section 461 (taxation in respect of other business).
5Omit sections 461A to 461C (taxation in respect of other business: incorporated friendly societies qualifying for exemption).
6Omit section 461D (transfers of business).
7Omit section 462 (conditions for tax exempt business).
8Omit section 463 (long-term business of friendly societies: application of Corporation Tax Acts).
9Omit section 464 (maximum benefits payable to members).
10Omit section 465 (old societies).
11Omit section 465A (assets of branch of registered friendly society to be treated as assets of society after incorporation).
12Omit section 466 (interpretation of Chapter 2 of Part 12).
13(1)Schedule 15 (qualifying policies) is amended as follows.
(2)In paragraph 3—
(a)in sub-paragraphs (1) and (4)(c), for “tax exempt life or endowment business” substitute “exempt BLAGAB or eligible PHI business”,
(b)in sub-paragraph (8)(b)(i), for “a new society” substitute “a society other than an old society”, and
(c)in sub-paragraph (8)(b)(ii), for “a society other than a new society” substitute “an old society”.
(3)In paragraph 4(3)(b)(ii), for “a new society” substitute “a society other than an old society”.
(4)Omit paragraph 5.
(5)In paragraph 6—
(a)in sub-paragraph (1)—
(i)omit “(as defined in section 466)” in both places, and
(ii)for “tax exempt life or endowment business” substitute “exempt BLAGAB or eligible PHI business”, and
(b)in sub-paragraph (2), for “section 464” substitute “section 160 of the Finance Act 2012”.
(6)After paragraph 6 insert—
“6AAny expression—
(a)which is used in any provision made by any of paragraphs 3 to 6, and
(b)which is used in Part 3 of the Finance Act 2012,
has the same meaning in that provision as it has in that Part.”
14TCGA 1992 is amended as follows.
15In section 100(2B)(b) (exemption for authorised unit trusts etc), for “section 466(2) of the Taxes Act” substitute “section 172 of the Finance Act 2012”.
16In section 171(5) (transfers within a group: general provisions), for “section 461B of the Taxes Act” substitute “section 165 of the Finance Act 2012”.
17ITTOIA 2005 is amended as follows.
18(1)Section 531 (gains from contracts for life insurance etc: cases where income tax not treated as paid) is amended as follows.
(2)In subsection (3)(a), for “tax exempt life or endowment business” substitute “exempt BLAGAB or eligible PHI business”.
(3)In subsection (4), for the definition of “tax exempt life or endowment business” substitute—
““exempt BLAGAB or eligible PHI business” has the same meaning as in Part 3 of FA 2012 (see sections 154 and 155).”
19CTA 2009 is amended as follows.
20In section A1(2) (overview of the Corporation Tax Acts), after paragraph (k) (as inserted by paragraph 136(b) of Schedule 16 to this Act) insert “, and
(l)Part 3 of that Act (friendly societies carrying on long-term business).”
21In section 564(1) (section 563: interpretation), for “section 460 of ICTA” substitute “section 158 of FA 2012”.
22In section 931S(3) (company distributions: meaning of “small company”), in the definition of “friendly society”, for “section 466(2) of ICTA” substitute “section 172 of FA 2012”.
23In consequence of the amendments made by this Schedule, omit the following provisions—
(a)in FA 1990—
(i)section 49(1) to (4),
(ii)section 50, and
(iii)paragraph 6 of Schedule 9,
(b)in FA 1991, paragraphs 1 to 3 of Schedule 9,
(c)in FA 1995, paragraphs 1 and 2 of Schedule 10,
(d)in FA 1996, section 171,
(e)in FA 2007—
(i)section 44,
(ii)paragraphs 40 and 43 of Schedule 7, and
(iii)Schedule 12, and
(f)in FA 2008—
(i)section 44, and
(ii)Schedule 18.
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