- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Regulation 3
1. The sum specified in this Schedule is the sum determined by the formula:
A × B,
where
=
24/100, and
=
the specified income for the year ended 31st December 1993 as determined in accordance with paragraphs 2 to 7 below, provided that:
(a)where the resultant sum exceeds £19,500.00, the sum is £19,500.00; and
(b)where the resultant sum is less than £175.00, the sum is £175.00.
2. In respect of a friendly society which, for the year ended 31st December 1993, was required under section 43 of the 1974 Act to send to the Chief Registrar an annual return in the form of Form R/FS/AR1, the value of the specified income for that relevant year is the sum of the amounts required to be entered at the following entries of Form R/FS/AR1:
(a)in each form B (“BENEFIT AND BENEFIT RESERVE FUNDS”), the entry at line 1 for “Contributions (including the contribution deficiency recovered or recoverable in respect of Life Assurance Premium Relief)”;
(b)in each form C (“MEMBERS SURPLUS AND SAVINGS ACCOUNT”), which is used for a benefit fund, the entry at line 2 for “Added to accounts by members”;
(c)in each form D (“MANAGEMENT FUNDS”), the entry at line 1 for “Contributions for Management”; and
(d)in each form E (“RENT AND INTEREST ACCOUNT”), the entries at:
(i)line 1 for “Rents from land and buildings”; and
(ii)line 7 for “Total interest on investment”.
3. In respect of a friendly society which, for the year ended 31st December 1993, was required under section 43 of the 1974 Act to send to the Chief Registrar an annual return in the form of Form A.R.1 or Form A.R.1A, the value of the specified income for that relevant year is the sum of the following amounts entered in Form A.R.1 or Form A.R. 1A (whichever the friendly society is required to send to the Chief Registrar):
(a)in Form A (“ ... ... ... ... FUND”), the entry for “Contributions (including the contribution deficiency recovered or recoverable in respect of Life Assurance Premium Relief)”;
(b)in each form C (“ ... ... ... ... FUND”), which is used for a benefit fund, the entry for “Contributions (including the contribution deficiency recovered or recoverable in respect of Life Assurance Premium Relief)”;
(c)in form D (“MANAGEMENT FUND”), the entry for “Contributions for Management”; and
(d)in form E (“RENT AND INTEREST ALLOCATION ACCOUNT”), the entry at the last line,
less any amount entered at the entry for “Other Income (to be specified)” in form E (“RENT AND INTEREST ALLOCATION ACCOUNT”) that is not income from interest on investments.
4. In respect of a friendly society which, for the year ended 31st December 1993, was required under section 43 of the 1974 Act to send to the Chief Registrar an annual return in the form of Form A.R.1B, the value of the specified income for that relevant year is the sum of the following amounts required to be entered at the following entries in Form A.R.1B:
(a)in form A (“SICK AND DEATH FUNDS”), the entry for “Total Contributions and Levies for Benefits”;
(b)in forms D (“DISTRESS RELIEF FUND”), E (“ ... ... ... ... FUND”), and F (“ ... ... ... ... FUND”), which are used for a benefit fund, the entries for “Contributions”, “Levies” and “Other Income (to be specified)”;
(c)in form H (“MANAGEMENT FUND”), the entry for “Contributions for Management”; and
(d)in form K (“RENT AND INTEREST ALLOCATION ACCOUNT”), the entry for “Net Total”,
less the following amounts:
(e)the amount entered for “Levies for Benefits” in form A (“SICK AND DEATH FUNDS”); and
(f)any amount entered at the entry for “Other Income (to be specified)” in form K (“RENT AND INTEREST ALLOCATION ACCOUNT”) that is not income from interest on investments.
5. In respect of a friendly society which, for the year ended 31st December 1993, was required under section 43 of the 1974 Act to send to the Chief Registrar an annual return in the form of Form A.R.1C, the value of the specified income for that relevant year is the sum of the following amounts required to be entered at the following entries in Form A.R.1C:
(a)in form A (“ ... ... ... ... FUND”), the entry for “Contributions (Including the contribution deficiency recovered or recoverable in respect of Life Assurance Premium Relief)”;
(b)in form C (“ ... ... ... ... FUND”), which is used for a benefit fund, the entry for “Contributions (Including the contribution deficiency recovered or recoverable in respect of Life Assurance Premium Relief)”;
(c)in form D (“MANAGEMENT FUND”), the entry for “Contributions for Management”; and
(d)in form E (“RENT AND INTEREST ALLOCATION ACCOUNT”), the entry at the last line,
less any amount entered at the entry for “Other Income (to be specified)” in form E (“RENT AND INTEREST ALLOCATION ACCOUNT”) that is not income from interest on investments.
6. In respect of a friendly society which, for the year ended 31st December 1993, was required under section 43 of the 1974 Act to send to the Chief Registrar an annual return in the form of Form A.R.5, the value of the specified income for that relevant year is the sum of the following amounts required to be entered at the following entries in form A (“GENERAL ACCOUNT”) of Form A.R.5:
(a)the entry for “Contributions for Management”;
(b)the entry for “Contributions for Benefits (if for various benefits, each to be stated separately)”;
(c)the entry for “Interest on Investments (gross)”; and
(d)the entry for “Other Income (to be specified)”,
less any amount entered at the entry for “Other Income (to be specified)” that is not income from interest on investments.
7. In respect of a friendly society which, for the year ended 31st December 1993, was required under section 43 of the 1974 Act to send to the Chief Registrar an annual return in the form of Form A.R.10 or Form A.R.10A, the value of the specified income for that relevant year is the sum of the amounts required to be entered at the following entries in Form A.R.10 or Form A.R.10A (whichever the friendly society is required to send to the registrar):
(a)in form A (“INDUSTRIAL ASSURANCE FUND”), the entry for “Totals” of the gross amount of premiums of assurance income;
(b)in form B (“OTHER ASSURANCE FUNDS”), the entry for “Totals” of the gross amount of premiums of assurance income; and
(c)in form D (“RENT AND INTEREST ALLOCATION ACCOUNT”), the entry at the last line,
less any amount entered at the entry for “Other Income (to be specified)” in form D that is not income from interest on investments.
8. Where a friendly society, in respect of a relevant year, sends more than one of any of the forms referred to paragraphs (2) to (7) above to the Chief Registrar, in respect of that friendly society the value of the specified income for that relevant year is the sum of the amounts entered in all the forms so sent and specified in paragraphs (2) to (7) above.
9. Notwithstanding paragraphs (2) to (7) above, any amount which is an amount transferred from another fund or account shall not be included in the specified income of a friendly society.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: