Friendly societies subject to the same basic rules as mutual insurers9
Section 67 (exemption where BLAGAB small part of long-term business) applies as if—
a
for subsection (3) there were substituted—
3
There are instead to be two businesses that are to be regarded for corporation tax purposes as consisting of—
a
that basic life assurance and general annuity business and the other long-term business, and
b
tax exempt business.
b
in subsection (4) for “that single trade” there were substituted “the trade in subsection (3)(a)”.