PART II RETURNS OF INCOME AND GAINS

Corporation tax

11AEF1 Modifications of sections 11AA and 11AB for friendly societies with non-annual actuarial investigations.

1

This section applies in any case where a return under section 11 of this Act is delivered by a friendly society which is required by section 47 of the Friendly Societies Act 1992 to cause an investigation to be made into its financial condition at least once in every period of three years.

2

Where this section applies, section 11AA(2) of this Act shall have effect as if, after paragraph (b), there were added “and

c3

where a friendly society falling within section 11AE(1) of this Act has delivered a return for any period, then, at any time before the end of the period of fifteen months beginning with the date as at which the relevant investigation is carried out, that is to say—

i

if the return is for a period as at the end of which there is carried out an investigation under section 47 of the Friendly Societies Act 1992 into the financial condition of the society, that investigation, or

ii

if the return is not for such a period, the first such investigation to be made into the financial condition of the society as at the end of a subsequent period,

the society may by notice to an officer of the Board so amend its self-assessment as to give effect to any amendments to its return which arise from that investigation and which the society has notified to such an officer.”

3

Where this section applies, section 11AB of this Act shall have effect—

a

as if in subsection (1)(b) after “subsection (2)(b)” there were inserted “or (c3)”; and

b

as if in subsection (2) for the words from “is” to the end of paragraph (b) there were substituted—

“

in the case of a return delivered at any time by a friendly society falling within section 11AE(1) of this Act, is the period of twenty seven months beginning with the date as at which the relevant investigation, as defined in section 11AA(2)(c3) of this Act, is carried out; and

b3

in the case of an amendment of such a return—

i

if the amendment is made on or before the filing date, is the period of twelve months beginning with that date; or

ii

if the amendment is made after that date, is the period ending with the quarter day next following the first anniversary of the day on which the amendment was made;”.