Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

18.  In regulation 22, for paragraphs (1) and (2) substitute—

“(1) The modifications of section 440 of the Taxes Act given in paragraphs (3) and (4) apply—

(a) where a friendly society begins or ceases to be required by rule 4.20 of the Prudential Sourcebook (Friendly Societies) to keep a separate fund for long-term business, or

(b) in relation to a prescribed transaction.”.