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Finance Act 2012

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Interpretation

172Minor definitions

(1)In this Part—

  • “friendly society”, without qualification, means (except in section 171) a registered friendly society or an incorporated friendly society,

  • “incorporated friendly society” means a society incorporated under FSA 1992,

  • “policy”, in relation to BLAGAB or eligible PHI business, includes an instrument evidencing a contract to pay an annuity upon human life,

  • “registered branch” has the same meaning as in FSA 1992 (and includes any branch that as a result of section 96(3) of FSA 1992 is treated as a registered branch), and

  • “registered friendly society” has the same meaning as in FSA 1992 (and includes any society that as a result of section 96(2) of FSA 1992 is treated as a registered friendly society).

(2)Any other expression which is used in this Part and in Part 2 has the same meaning in this Part as in that Part.

(3)References in this Part to a friendly society include, in the case of a registered friendly society, references to any branch of that society.

(4)It is declared that for the purposes of this Part (except where provision to the contrary is made) a friendly society formed on the amalgamation of two or more friendly societies is treated as different from the amalgamated societies.

(5)A registered friendly society formed on the amalgamation of two or more friendly societies is treated for the purposes of this Part as registered not later than 3 May 1966 if at the time of the amalgamation—

(a)all the societies amalgamated were registered friendly societies eligible for the exemption conferred by section 153, and

(b)at least one of them was an old society,

or, if the amalgamation took place before 19 March 1985, the society was treated as registered not later than 3 May 1966 as a result of the proviso to section 337(4) of the Income and Corporation Taxes Act 1970.

(6)An incorporated friendly society formed on the amalgamation of two or more friendly societies is treated for the purposes of this Part as a society which, before its incorporation, was a registered friendly society registered not later than 3 May 1966 if at the time of the amalgamation—

(a)all the societies amalgamated were registered friendly societies eligible for the exemption conferred by section 153, and

(b)at least one of them was an old society.

173Abbreviations

(1)In this Part—

  • “FSA 1992” means the Friendly Societies Act 1992, and

  • FISMA (Regulated Activities) Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

(2)For abbreviations of other Acts, see section 228.

174Index of defined terms

In this Part the following expressions are defined or otherwise explained by the provisions indicated—

ExpressionWhere explained
basic life assurance and general annuity business (abbreviated to “BLAGAB”)sections 57, 67(5) and 172(2)
BLAGAB or eligible PHI businesssection 154
contract of insurancesections 64 and 172(2)
exempt BLAGAB or eligible PHI businesssection 155
friendly societysection 172(1)
HMRC Commissionerssections 139(1) and 172(2)
incorporated friendly societysection 172(1)
insurance business transfer schemesections 139(1) and 172(2)
insurance companysections 65 and 172(2)
life assurance businesssections 56 and 172(2)
long-term businesssections 63(1) and 172(2)
old societysection 161(2)
PHI businesssections 63(2) and 172(2)
policysection 172(1)
registeredsection 172(5) and (6)
registered branchsection 172(1)
registered friendly societysection 172(1) and (3)
relevant other businesssection 166
re-insurancesections 139(1) and 172(2)

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