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Section 463 of the Taxes Act 1988 provides that the Corporation Tax Acts are to apply to the non-tax exempt life or endowment business carried on by registered friendly societies in the same way as they apply to mutual life assurance business carried on by insurance companies but gives the Treasury power to provide by regulations that those Acts as so applied are to have effect subject to modifications and exceptions prescribed in the Regulations.
These Regulations prescribe modifications to section 76(7) of the Taxes Act 1988 so as to provide that levies paid by friendly societies under arrangements approved by the Chief Registrar of friendly societies, or the Registrar of Friendly Societies for Northern Ireland, under the Financial Services Act 1986 are to be treated as expenses of management in the same way as long term business levies imposed on insurance companies by virtue of the Policyholders Protection Act 1975 (c. 75). They also prescribe modifications to sections 82 and 83 of the Finance Act 1989 by substituting a reference to the Friendly Societies Act 1974 or to the Friendly Societies Act (Northern Ireland) 1970 for the reference to the Insurance Companies Act 1982 (c. 50) in section 82(1)(b) and omitting section 83(2).
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