The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005

Interpretation

2.  In these Regulations—

“annual return society” means a non-directive 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)(1);

“child trust fund business” has the meaning given by regulation 3 of the Child Trust Funds (Insurance Companies) Regulations 2004(2);

“directive friendly society” and “non-directive friendly society” have the meanings in the Prudential Sourcebook (Friendly Societies);

“individual savings account business” has the meaning given by regulation 3 of the Individual Savings Account (Insurance Companies) Regulations 1998(3);

“non annual return society” means a non-directive 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);

“partnership pension society” has the meaning in the Prudential Sourcebook (Friendly Societies);

“pension business”—

(a)

in relation to any time before 6^th April 2006, has the meaning given by section 431B(4) of the Taxes Act, and

(b)

in relation to any time on or after 6^th April 2006, has the meaning given by section 466(2B)(5) of the Taxes Act;

“prescribed transactions” means any of the following transactions—

(a)

the transfer of business as between a friendly society which maintains a separate fund for long-term insurance business and a friendly society which does not do so,

(b)

the amalgamation of a friendly society which maintains a separate fund for long-term insurance business and a friendly society which does not do so,

(c)

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

(d)

the conversion of a friendly society which does not maintain a separate fund for long-term insurance business into a company which is not a friendly society,

and for the purposes of this definition a friendly society maintains a separate fund for long-term insurance business if it complies with rule 4.20 of the Prudential Sourcebook (Friendly Societies), whether that rule applies to it or voluntarily;

“the Prudential Sourcebook (Insurers)” means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000(6);

“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;

“the Taxes Act” means the Income and Corporation Taxes Act 1988.

(1)

Available from the Financial Services Authority.

(2)

S.I. 2004/2680.

(3)

S.I. 1998/1871.

(4)

Section 431B was inserted by paragraph 57 of Schedule 8 to the Finance Act 1995 (c. 4), and amended by paragraph 1 of Schedule 10 to the Finance Act 1999 (c. 16)

(5)

Section 466(2B) is prospectively inserted by paragraph 22(3) of Schedule 35 to the Finance Act 2004 (c. 12) and amended by paragraph 18(6) of Schedule 9 to the Finance (No. 2) Act 2005 (c. 22).

(6)

2000 c. 8.