The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005

Modifications of section 82B of the Finance Act 1989

27.—(1) In the case of a non-directive friendly society, section 82B of the Finance Act 1989(1) shall apply with the following modifications.

(2) In paragraph (a) of subsection (1), for “section 9.6 of the Prudential Sourcebook (Insurers)” substitute “Rule 5.1 of the Prudential Sourcebook (Friendly Societies)”.

(3) In paragraph (b) of subsection (1), for “Rule 9.10(c) of the Prudential Sourcebook (Insurers)” substitute “Paragraph 2(6) of Appendix 4 to the Prudential Sourcebook (Friendly Societies)”.

(4) Where that friendly society is not required to submit an annual actuarial investigation to the Financial Services Authority under Rule 5.1 of the Prudential Sourcebook (Friendly Societies)—

(a) in subsection (2) for “the period of account immediately preceding the period of account in question” substitute—

• “the period of account for which a report was submitted which most closely precedes the period of account in question (“the most closely preceding period of account”)”;

(b) in subsection (3), for “that immediately preceding period of account”, wherever those words occur, substitute “the most closely preceding period of account”.

(1)

Section 82B was inserted by paragraph 1(1) of Schedule 33 to the Finance Act 2003 and amended by paragraph 10 of Schedule 9 to the Finance (No. 2) Act 2005 (c. 22).