PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER II FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS
Registered friendly societies
462 Conditions for tax exempt business.
F21
Subject to F4subsection (2) below, section 460 does not afford any exemption from corporation tax in relation to so much of the profits arising to a friendly society or insurance company from any business as is attributable to a policy which—
a
is not a qualifying policy (by virtue of sub-paragraph (2) of paragraph 6 of Schedule 15) and is not an excluded policy, and
b
would not be a qualifying policy (by virtue of that sub-paragraph) if all excluded policies were left out of account.
1A
For the purposes of subsection (1) above a policy is an excluded policy if—
a
it is a policy held otherwise than with the friendly society or insurance company, or
b
the person who has the contract effecting the policy acquired the rights under it on an assignment (or, in Scotland, assignation) otherwise than for money or money's worth.
2
F53
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F54
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