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Finance Act 2001

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This is the original version (as it was originally enacted).

Friendly societies: exclusion of exemptions from tax

8(1)In section 460 of the Taxes Act 1988 (friendly societies: exemption from tax in respect of life or endowment business), in subsection (2) (restrictions on exemption) after paragraph (ca), and before the word “and” following that paragraph, insert—

“(cb)shall not apply to profits arising from investments, deposits or other property held as a member of a property investment LLP;”.

(2)In section 461 of that Act (registered friendly societies: exemption from tax on other business), after subsection (3) insert—

“(3A)The exemption conferred by subsection (1) above does not apply to profits arising from investments, deposits or other property held as a member of a property investment LLP.”.

(3)In section 461B of that Act (incorporated friendly societies: exemption from tax on other business), after subsection (2) insert—

“(2A)Subsection (1) above shall not apply to any profits arising or accruing to the society from or by reason of its membership of a property investment LLP.”.

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