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.