Friendly societies subject to the same basic rules as mutual insurers12
Section 114 of FA 2012 (application of Chapter) applies as if—
a
in subsection (1)—
i
for “, has”, there were substituted “carries on two or more of”,
ii
the “and” at the end of paragraph (a) were omitted, and
iii
after paragraph (a) there were inserted—
aa
a tax exempt business, and
b
in subsection (2)—
i
in paragraph (a) “two” were omitted, and
ii
in paragraph (b) “(a) and (b)” were omitted, and
c
in subsection (5)—
i
the “and” at the end of paragraph (a) were omitted, and
ii
after paragraph (a) there were inserted—
aa
calculating the profits of the tax exempt business, and