M1Subject to section 460(1), the Corporation Tax Acts shall apply to the life or endowment business carried on by F1friendly societies in the same way as they apply to mutual life assurance business F3(or other long term business)carried on by insurance companies, so however that the Treasury may by regulations provide that those Acts as so applied shall have effect subject to such modifications and exceptions as may be prescribed by the regulations, and those regulations may in particular require any part of any business to be treated as a separate business.

The Treasury may by regulations provide that the provisions of the Corporation Tax Acts which apply on the transfer of the whole or part of the long term business of an insurance company to another company shall have effect where the transferee is a friendly society subject to such modifications and exceptions as may be prescribed by the regulations.

Regulations under this section may make different provision for different cases and may include provision having retrospective effect.