The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2004

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

27.  For regulation 32 substitute—

“32. Where section 82(1)(b) of the Finance Act 1989 applies, as originally enacted, by virtue of paragraph 1(6) of Schedule 33 to the Finance Act 2003—

(a) in the case of a friendly society, subsection (1)(b) of that section shall be modified so that for “section 9.6 of the Prudential Sourcebook (Insurers)” substitute “rule 5.1 of the Prudential Sourcebook (Friendly Societies)”;

(b) in the case of a non annual return society, after subsection (8) of that section there shall be treated as inserted—

“(9) Where a period of account ends on a day to which a valuation report has not been prepared, or begins on a day immediately following such a day, the amount of any unappropriated surplus on valuation for the purposes of subsections (1)(b) and (4) shall be the amount which was taken into account at the end of the last period of account for which a valuation report was prepared.””.