PART 3Friendly societies carrying on long-term business

Exempt BLAGAB or eligible PHI business

153Exemption for certain BLAGAB or eligible PHI business

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.