153Exemption for certain BLAGAB or eligible PHI businessU.K.
This section has no associated Explanatory Notes
(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.