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.