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