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

3.  In regulation 2—

(1) Omit the definitions of “directive society”, “non-directive society”, “section 37(3) society”, “relevant section 43 requirements”, and “specified transactions”;

(2) For the definition of “prescribed transactions” substitute—

““prescribed transactions” means any of the following transactions—

(a)

the transfer of business as between a friendly society required to keep a separate fund for long-term business and a friendly society not so required,

(b)

the amalgamation of a friendly society required to keep a separate fund for long-term business and a friendly society not so required,

(c)

the transfer of the whole or part of the business of a friendly society not required to keep a separate fund for long-term business to a company which is not a friendly society, and

(d)

the conversion of a friendly society not required to keep a separate fund for long-term business into a company which is not a friendly society,

and the requirement to keep a separate fund for long-term business means a requirement imposed by rule 4.20 of the Prudential Sourcebook (Friendly Societies);”(1);

(3) in alphabetical order insert the following definitions—

““annual return society” means a friendly society which is required to submit an annual actuarial investigation to the Financial Services Authority under rule 5.1 of the Prudential Sourcebook (Friendly Societies);

“non annual return society” means a friendly society which is not required to submit an annual actuarial investigation to the Financial Services Authority under rule 5.1 of the Prudential Sourcebook (Friendly Societies);

“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;”.

(1)

By virtue of section 466(2) of the Income and Corporation Taxes Act 1988, “long-term business” has the meaning given by section 431 of that Act.