Friendly societies: exemption from tax in respect of life or endowment business
32.—(1) Amend section 460 (friendly societies: exemption from tax in respect of life or endowment business)(1) as follows.
(2) In subsection (10A) for the words from the beginning to “1982” substitute “Where at any time an insurance business transfer scheme has effect to transfer to a friendly society long-term business,”.
(3) After subsection (10A) insert—
“(10B) In subsection (10A) “insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.”.
(4) In subsection (11)—
(a)omit “by virtue of section 84 of the Friendly Societies Act 1974(2) or”;
(b)for “either of those Acts” substitute “that Act”.
(5) The amendments made by paragraphs (2) and (3) above have effect in relation to any scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
Section 460 was relevantly amended by paragraph 6 of Schedule 9 to the Finance Act 1990, paragraph 5(5) of Schedule 9 to the Finance (No. 2) Act 1992 and paragraph 1(1) and (2)(c) of Schedule 9 to the Finance Act 1995.