Finance Act 2012 (c. 14)

PART 3 U.K. Friendly societies carrying on long-term business

Exempt BLAGAB or eligible PHI business U.K.

153 Exemption for certain BLAGAB or eligible PHI business U.K.

(1) A friendly society is not liable to pay corporation tax (whether on income or chargeable gains) on its profits arising from exempt BLAGAB or eligible PHI business.

(2) The exemption applies only if the society makes a claim.

(3) For the meaning of “BLAGAB or eligible PHI business”, see section 154.

(4) For the meaning of “exempt” BLAGAB or eligible PHI business, see section 155.