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The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2000
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- UK Statutory Instruments
- 2000 No. 2710
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
Section 463(1) of the Income and Corporation Taxes Act 1988 (“the Taxes Act”) provides that the Corporation Tax Acts shall apply to the life or endowment business carried on by friendly societies in the same way as they apply to mutual life assurance business or other long term business carried on by insurance companies, subject to such modifications and exceptions as may be prescribed by regulations made by the Treasury. The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (“the principal Regulations”) make provision for such modifications and exceptions. These Regulations amend the principal Regulations with retrospective effect in the light of provisions of the Finance Act 2000 (c. 17) that amend or insert provisions in the Taxes Act.
Regulation 1 provides for citation and commencement.
Regulation 2 introduces the remainder of the Regulations.
Regulation 3 inserts regulation 4A in the principal Regulations which modifies section 43F of the Taxes Act (rent factoring — insurance business) in relation to transactions of friendly societies entered into on or after 21st March 2000.
Regulation 4 amends regulation 13 of the principal Regulations (modifications of section 432A of the Taxes Act — apportionment of income and gains where an insurance company carries on more than one category of business) in relation to accounting periods of friendly societies beginning on or after 1st January 2000 and ending on or after 21st March 2000.
Regulation 5 inserts regulation 30AA in the principal Regulations which modifies section 587B of the Taxes Act (gifts of shares and securities by companies to charities) in relation to disposals made by friendly societies on or after 1st April 2000.
Regulation 6 inserts regulations 30C and 30D in the principal Regulations which modify sections 804B and 804D of the Taxes Act (allocation of foreign tax credit to different categories of insurance business) in relation to accounting periods or periods of account of friendly societies beginning on or after 1st April 2000.
Authority for the retrospective effect of these Regulations is given by section 463(4) of the Taxes Act.
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