Amendments to the principal Regulations
10.—(1) After regulation 53D(1) insert–
“Modification of section 66 of the Finance Act 2002
53E.—(1) Paragraph (2) prescribes a modification of section 66 of the Finance Act 2002 so far as it applies to the life or endowment business carried on by friendly societies in relation to accounting periods beginning on or after 1st August 2001, and assets held on 1st January 2002.
(2) In subsection (4)(a) for “a transfer scheme” substitute “any specified transactions (as defined in regulation 2 of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997)”.
Modification of paragraph 10 of Schedule 22 to the Finance Act 2002
53F.—(1) Paragraph (2) prescribes a modification of paragraph 10 of Schedule 22 to the Finance Act 2002 so far as it applies to the life or endowment business carried on by friendly societies in relation to accounting periods ending on or after 1st August 2002.
(2) In both of–
(a)sub-paragraph (1)(a) for “a transfer scheme”, and
(b)sub-paragraph (2) for “the transfer scheme”,
substitute “any specified transactions (as defined in regulation 2 of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997)”.
Modifications of paragraph 28 of Schedule 26 to the Finance Act 2002
53G.—(1) Paragraphs (2) to (4) prescribe modifications of paragraph 28 of Schedule 26 to the Finance Act 2002 in relation to accounting periods beginning on or after 1st October 2002.
(2) In sub-paragraph (2)(c) omit “which has effect under an insurance business transfer scheme”.
(3) Omit sub-paragraph (2)(d).
(4) Omit sub-paragraph (5).
Modification of paragraph 36 of Schedule 29 to the Finance Act 2002
53H.—(1) Paragraph (2) prescribes a modification of paragraph 36 of Schedule 29 to the Finance Act 2002 so far as it applies to the life or endowment business carried on by friendly societies on or after 1st April 2002, subject to the transitional provisions in Part 14 of that Schedule.
(2) In sub-paragraph (3) after “carries on” insert “taxable”.
Modifications of paragraph 89 of Schedule 29 to the Finance Act 2002
53J.—(1) Paragraphs (2) to (4) prescribe modifications of paragraph 89 of Schedule 29 to the Finance Act 2002 in relation to specified transactions taking place on or after 1st April 2002.
(2) In sub-paragraph (1)(a) omit the words from “which has effect” to the end.
(3) Omit sub-paragraph (1)(b).
(4) In sub-paragraph (3) omit the definition of “insurance business transfer scheme”.”
Regulation 53D was inserted by regulation 8 of S.I. 2001/3975.