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The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005
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- UK Statutory Instruments
- 2005 No. 2014
- Regulation 14
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Modifications of section 437 of the Taxes Act
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14.—(1) Paragraphs (2) and (3) prescribe modifications of section 437 of the Taxes Act(1) so far as it applies to the life or endowment business carried on by friendly societies.
(2) In subsection (1C)(a), before “basic” insert “taxable”.
(3) In subsection (1F) at the end insert—
““taxable basic life assurance and general annuity business” means basic life assurance and general annuity business the profits arising from which do not fall to be exempted from tax by virtue of section 460(1), and for the purposes of this definition it shall be assumed that the friendly society has made a claim for exemption from tax under that provision.”.
(1)
Subsections (1C) and (1F) of section 437 were substituted by paragraph 4 of Schedule 7 to the Finance Act 1991 (c. 31) and amended by section 67 of the Finance Act 1997 (c. 16).
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