SCHEDULES
SCHEDULE 9 Friendly societies
Amendments of the Taxes Act 1988
19
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
”
.