SCHEDULES

SCHEDULE 9 Friendly societies

Amendments of the Taxes Act 1988

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1

Schedule 15 (qualifying policies) shall be amended as follows.

2

In paragraph 3(1), for “registered friendly society" there shall be substituted “ friendly society ”.

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4

In paragraph 3(4)(c), after “the same friendly society" there shall be inserted “ (or any predecessor of it) ”.

5

In paragraph 3, the following sub-paragraph shall be inserted after sub-paragraph (4)—

4A

For the purposes of sub-paragraphs (2) and (4) above—

a

a friendly society formed on the amalgamation of two or more friendly societies is the successor of each of those societies (and each of those societies was a predecessor of the society so formed), and

b

an incorporated friendly society that was a registered friendly society before its incorporation is the successor of the registered friendly society (and the registered friendly society was the predecessor of the incorporated friendly society).

6

For paragraph 4(3)(b)(i) there shall be substituted—

i

it was effected in the course of business within class VI of Head A or class I of Head B of Schedule 2 to the Friendly Societies Act 1992,

7

In paragraph 6(1)—

a

for “any friendly society" there shall be substituted “ any registered friendly society (as defined in section 466) ”, and

b

for “a friendly society" there shall be substituted “ such a society ”.