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The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992
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- UK Statutory Instruments
- 1992 No. 1655
- Regulation 15
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Modifications of section 440A(2) of the Taxes Act
15.—(1) Paragraphs (2) and (3) prescribe modifications of subsection (2) of section 440A of the Taxes Act so far as it applies to the life or endowment business carried on by registered friendly societies for accounting periods beginning on or after 1st January 1992.
(2) In paragraph (a) after the words “carrying on of” there shall be inserted the word “taxable”.
(3) After paragraph (a) there shall be inserted—
“(aa)so many of the securities as are identified in the company’s records as securities by reference to the value of which there are to be determined benefits provided for under policies or annuity contracts the effecting of all (or all but an insignificant proportion) of which constitutes the carrying on of tax exempt basic life assurance and general annuity business shall be treated for the purposes of corporation tax as a separate holding linked solely to that business,”.
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