Finance Act 1998

Friendly societies with non-annual actuarial investigations E+W+S+N.I.

87 (1) This paragraph applies where a company tax return is delivered by a friendly society which is required by section [F1 5.2 of the Prudential Sourcebook (Friendly Societies)] to cause an investigation to be made into its financial condition at least once in every period of three years. E+W+S+N.I.

(2) Where this paragraph applies—

(a) the society may make any amendments of its return arising from the relevant investigation at any time within 15 months from the date as at which that investigation is carried out, and

(b) the Inland Revenue may give notice of enquiry into the return at any time up to 27 months from that date.

(3) “The relevant investigation” means—

(a) if the return is for a period as at the end of which there is carried out an investigation under section [F1 5.2 of the Prudential Sourcebook (Friendly Societies)] into the financial condition of the society, that investigation;

(b) if the return is not for such a period, the first such investigation to be made into the financial condition of the company as at the end of a subsequent period.

[F2 (4) In this paragraph “the Prudential Sourcebook (Friendly Societies)" means the Interim Prudential Sourcebook for Friendly Societies made by the Financial Services Authority under the Financial Services and Markets Act 2000 F3 .]

Annotations:

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Amendments (Textual)

F1 Words in Sch. 18 paras. 87(1)(3) substituted (1.12.2001 with effect as mentioned in art. 103(5) of the amending S.I.) by S.I. 2001/3629, art. 103(4)(a)(5)

F2 Sch. 18 para. 87(4) inserted (1.12.2001 with effect as mentioned in art. 103(5) of the amending S.I.) by S.I. 2001/3629, art. 103(4)(b)(5)

F3 This sourcebook is part of the FSA Handbook. The FSA Handbook may be purchased on paper and on CD Rom from the Publications Department (Sales), Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and is available on line at www.fsa.gov.uk.