PART 2AMENDMENTS TO PRIMARY LEGISLATION
The Income and Corporation Taxes Act 1988 (c. 1)
Taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society36
1
Amend section 461C (taxation in respect of other business: withdrawal of “qualifying” status from incorporated friendly society) as follows.
2
In subsection (1)—
a
for “to (5)” substitute “and (4)”;
b
in paragraph (b) for “Friendly Societies Commission” substitute “Board”.
3
In subsection (2)—
a
for “to (5)” substitute “and (4)”;
b
in paragraph (a) for “Friendly Societies Commission” substitute “Board”.
4
In subsection (3)—
a
for “Commission” in the first two places where it occurs substitute “Board”;
b
for the words from “serve a notice” to the end substitute “give a direction to the society under subsection (4) below.”.
5
For subsections (4) to (7) substitute—
4
A direction under this subsection is that (and has the effect that) the society to which it is given shall cease to be a qualifying society as from the date of the direction.
5
A society to which a direction is given may, within 30 days of the date on which it is given, appeal against the direction to the Special Commissioners on the ground that—
a
it has not begun to carry on business as mentioned in subsection (1) above;
b
subsections (3) and (4) above do not apply to it by reason of subsection (2) above; or
c
the direction is not necessary for the protection of the revenue.