The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society

36.—(1) Amend section 461C (taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society) as follows.

(2) In subsection (1)—

(a) for “to (5)” substitute “and (4)”;

(b) in paragraph (b) for “Friendly Societies Commission” substitute “Board”.

(3) In subsection (2)—

(a) for “to (5)” substitute “and (4)”;

(b) in paragraph (a) for “Friendly Societies Commission” substitute “Board”.

(4) In subsection (3)—

(a) for “Commission” in the first two places where it occurs substitute “Board”;

(b) for the words from “serve a notice” to the end substitute “give a direction to the society under subsection (4) below.”.

(5) For subsections (4) to (7) substitute—

“(4) A direction under this subsection is that (and has the effect that) the society to which it is given shall cease to be a qualifying society as from the date of the direction.

(5) A society to which a direction is given may, within 30 days of the date on which it is given, appeal against the direction to the Special Commissioners on the ground that—

(a) it has not begun to carry on business as mentioned in subsection (1) above;

(b) subsections (3) and (4) above do not apply to it by reason of subsection (2) above; or

(c) the direction is not necessary for the protection of the revenue.”.