Friendly societies subject to the same basic rules as mutual insurers2.

The Corporation Tax Acts2, in so far as they apply to—

(a)

the life assurance business and other long-term business carried on by friendly societies,

(b)

any part of the business of an insurance company which is exempt from corporation tax as a result of section 158 or section 166 (transfers from friendly societies to insurance companies etc) of FA 2012, or

(c)

any part of the business of a friendly society which is exempt from corporation tax as a result of section 167 of FA 2012 (transfers between friendly societies),

have effect with the modifications specified in regulations 3 to 15.