Finance Act 1998

90 Distributions to friendly societies. U.K.

(1) The repeal by section 30(4) of the M1 Finance (No. 2) Act 1997 of section 231(2) of the Taxes Act 1988 (payment of tax credit to a company resident in the UK) shall not have effect in relation to any distribution made to a friendly society before 6th April 2004 which is—

(a) a distribution to a friendly society all of whose profits are exempt from corporation tax by virtue of section 460(1) of the Taxes Act 1988 (life or endowment business of friendly society); or

(b) a distribution not falling within paragraph (a) above in relation to which exemption is given under section 460(1) of that Act.

(2) In relation to any distribution falling within paragraph (a) or (b) of subsection (1) above—

(a) paragraph 3 of Schedule 4 to the M2 Finance (No. 2) Act 1997 (which, from 6th April 1999, repeals certain provisions about claims for tax credits for accounting periods to which self-assessment applies) shall have effect as if the reference in sub-paragraph (2) of that paragraph to 6th April 1999 were a reference to 6th April 2004; and

(b) paragraph 2 of that Schedule (which repeals certain provisions about claims for tax credits for earlier periods) shall have no effect.

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Schedule 8 to the M3 Finance (No. 2) Act 1997 (repeals), so far as it relates to any repeal referred to in the preceding provisions of this section, shall have effect subject to those provisions.

Textual Amendments

F1 S. 90(3) repealed (11.5.2001) by 2001 c. 9, s. 110, Sch. 33 Pt. II(12)

Marginal Citations

M1 1997 c. 58.

M2 1997 c. 58.

M3 1997 c. 58.