The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992

Modifications of section 83(2) of the Finance Act 1989

18.—(1) Paragraph (2) prescribes a modification of subsection (2) of section 83 of the Finance Act 1989 so far as it applies to the life or endowment business carried on by registered friendly societies whose registered office is situated in England, Wales or Scotland and paragraph (3) prescribes a modification of that subsection so far as it applies to the life or endowment business carried on by registered friendly societies whose registered office is situated in Northern Ireland.

(2) For that subsection there shall be substituted—

“(2) In subsection (1) above “brought into account” means brought into account in the return which on 1st January 1990 was prescribed by the Chief Registrar of Friendly Societies under section 43(6) of the Friendly Societies Act 1974 as the annual return required under section 43(1) of that Act—

(a) on each separate form headed “Benefit and Benefit Reserve Funds”, comprised in that return, under the items “Allocation from Rent and Interest account” or “Other income” where the form relates to a fund in respect of pension business or general annuity business, or

(b) on each form headed “Management Funds”, comprised in that return, under the items “Allocation from Rent and Interest account” or “Other income”, to the extent that the expenses of pension business or general annuity business charged on each such form exceed the transfer to that management fund from the benefit and benefit reserve funds in respect of pension business or general annuity business.”

(3) Subsection (2) shall be omitted.