Friendly societies subject to the same basic rules as mutual insurers

9.  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.”, and

(b) in subsection (4) for “that single trade” there were substituted “the trade in subsection (3)(a)”.