SCHEDULES

SCHEDULE 9 Friendly societies

Amendments of the Taxes Act 1988

5

1

Section 460 (exemption from tax for registered friendly societies in respect of life or endowment business) shall be amended as follows.

2

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

3

In subsection (2)—

a

in paragraph (a), for “friendly society" there shall be substituted “ registered friendly society ”, and

b

the following paragraph shall be inserted after paragraph (a)—

aa

shall not, subject to section 462, exempt an incorporated friendly society which, before its incorporation, was a registered friendly society such as is mentioned in paragraph (a) above;

4

In subsections (5) to (10), for “registered friendly society" (in each place) there shall be substituted “ friendly society ”.

5

In subsection (11)—

a

for “registered friendly society" there shall be substituted “ friendly society ”,

b

for “section 72 of the M1Friendly Societies Act (Northern Ireland) 1970" there shall be substituted “ section 91 of the Friendly Societies Act 1992 ”, and

F1c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .