Modifications of section 431 of the Income and Corporation Taxes Act 1988
156.—(1) Amend regulation 6 (modifications of section 431 of the Taxes Act) as follows.
(2) In paragraph (2) in the inserted definition of “valuation report”—
(a)in paragraph (a) for “section 46(3) of the Friendly Societies Act 1992” substitute “rule 5.1(2) of the Prudential Sourcebook (Friendly Societies)”;
(b)in paragraph (b) for “section 47(2) of the Friendly Societies Act 1992” substitute “rule 5.2(2) of the Prudential Sourcebook (Friendly Societies)”.
(3) In paragraph (2) after the inserted definition of “non-directive society” insert—
““the Prudential Sourcebook (Friendly Societies)” means the Interim Prudential Sourcebook for Friendly Societies made by the Financial Services Authority under the Financial Services and Markets Act 2000;”.
(4) In paragraph (3) in the substituted definition of “liabilities” in paragraph (b)(ii) for “section 47(2) of the Friendly Societies Act 1992” substitute “rule 5.2(2) of the Prudential Sourcebook (Friendly Societies)”.
(5) In paragraph (5) in the substituted definition of “periodical return”—
(a)in paragraph (a) for the words from “means” to the end substitute “means the FSC1 return within the meaning given in Chapter 5 of the Prudential Sourcebook (Friendly Societies); and”;
(b)in paragraph (b) for “its valuation report” substitute “the FSC2 return within the meaning given in that Chapter”.
(6) In paragraph (6) in the substituted definition of “value” in paragraph (b)(ii) for “section 47(2) of the Friendly Societies Act 1992” substitute “rule 5.2(2) of the Prudential Sourcebook (Friendly Societies)”.
(7) This Article has effect in relation to periods of account ending on or after 1st December 2001.