The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2004

Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

6.—(1) In paragraph (2) of regulation 6—

(a) omit the definition of “directive society” and insert—

““annual return society” means a friendly society which is required to submit an annual actuarial investigation to the Financial Services Authority under rule 5.1 of the Prudential Sourcebook (Friendly Societies);”;

(b) omit the definition of “non-directive society” and insert—

““non annual return society” means a friendly society which is not required to submit an annual actuarial investigation to the Financial Services Authority under rule 5.1 of the Prudential Sourcebook (Friendly Societies);”;

(c) in the definition of “valuation report” treated as inserted in section 431(2)—

(i) for “a directive society” substitute “an annual return society”;

(ii) for “non-directive society” substitute “non annual return society”.

(2) In paragraph (3) of regulation 6, in the definition of “liabilities” treated as substituted in section 431(2)—

(a) for “a directive society” substitute “an annual return society”;

(b) for “non-directive society” substitute “non annual return society”.

(3) After paragraph (4) of regulation 6 insert—

“(4A) Where a friendly society is not required to keep a separate fund for long-term business, for the definition of “long-term insurance fund” in subsection (2) there shall be substituted—

““long-term insurance fund” has the meaning given by section 431AB;”.”(1).

(4) In paragraph (5) of regulation 6, in the definition of “periodical return” treated as substituted in section 431(2)—

(a) for “a directive society” substitute “an annual return society”;

(b) for “non-directive society” substitute “non annual return society”.

(5) In paragraph (6) of regulation 6, in the definition of “value” treated as substituted in section 431(2)—

(a) for “a directive society” substitute “an annual return society”;

(b) for “non-directive society” substitute “non annual return society”.

(1)

Section 431AB is treated as inserted by regulation 7A of S.I. 1997/473 which is inserted by regulation 7 below.