The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2003

Amendments to the principal Regulations

9.  After regulation 50 insert–

“Modifications of paragraph 17 of Schedule 7AC to the 1992 Act

50A.— (1) Paragraphs (2) and (3) prescribe modifications of paragraph 17 of Schedule 7AC to the 1992 Act so far as it applies to the life or endowment business carried on by–

(a) incorporated directive societies to which neither subsection (2) nor subsection (3) of section 37 of the Friendly Societies Act 1992 applies, or

(b) non-directive societies other than section 37(3) societies,

in relation to disposals on or after 1st April 2002.

(2) In sub-paragraph (2) at the end add “(within the meaning in section 432A(11) to (14) of the Taxes Act, as added by regulation 13(5) of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997)”.

(3) In sub-paragraph (5) for “and “long-term insurance fund” have the meanings” substitute “has the meaning”.

Modifications of paragraph 10 of Schedule 7AD to the 1992 Act

50B.— (1) Paragraph (2) prescribes modifications of paragraph 10 of Schedule 7AD to the 1992 Act so far as it applies to the life or endowment business carried on by–

(a) incorporated directive societies to which neither subsection (2) nor subsection (3) of section 37 of the Friendly Societies Act 1992 applies, or

(b) non-directive societies other than section 37(3) societies,

in relation to periods of account to which Schedule 7AD to the 1992 Act applies (in accordance with paragraphs 11 to 13 of that Schedule).

(2) In sub-paragraph (1)–

(a) for “, “long-term business” and “long-term insurance fund”” substitute “and “long-term business””;

(b) insert in the appropriate place the following definition–

““assets of the long-term insurance fund” has the meaning in section 432A(11) to (14) of the Taxes Act (as added by regulation 13(5) of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997);”.”