The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2004

Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

35.  After regulation 40 insert—

“40A.— (1) In the case of a friendly society, section 89(1B) of the Finance Act 1989 shall be modified by inserting the word “taxable” before the words “basic life assurance and general annuity business”, wherever occurring.

(2) This regulation has effect for the purposes of section 210A of the Taxation of Chargeable Gains Act 1992 in relation to any accounting period of a company if it is necessary under that section to determine the company’s taxable basic life assurance and general annuity business profits for the period.

(3) Subject to paragraph (2), this regulation has effect for accounting periods ending on or after 9th April 2003.”(1), (2).

(1)

Subsection (1B) of section 89 was inserted by section 170 of, and paragraph 6 of Schedule 33 to, the Finance Act 2003.

(2)

1992 (c. 12). Section 210A was inserted by section 170 of, and paragraph 14 of Schedule 33 to, the Finance Act 2003.