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The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2004
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- 2004 No. 822
- Explanatory Note
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Explanatory Note
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These regulations amend the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473) (“the principal regulations”) which modify the Corporation Tax Acts in their application to friendly societies.
Regulation 3 amends the terms used in the principal regulations to define different kinds of friendly societies by reference to the requirements of the Interim Prudential Sourcebook for Friendly Societies made by the Financial Services Authority under the Financial Services and Markets Act 2000. These regulations amend the principal regulations to reflect these amendments to the terms used.
Regulation 4 modifies the definition of “insurance business transfer scheme” for the purposes of the Corporation Tax Acts as the definition of that term in section 431(2) of the Income and Corporation Taxes Act 1988 (c. 1) excludes any scheme involving a friendly society. This makes redundant many of the modifying provisions in the principal regulations.
Regulations 6(3) and 7 modify the definition of “long-term insurance fund” in section 431(2) of the Income and Corporation Taxes Act 1988 for any friendly society not required to keep a separate fund for its long-term business. This also makes redundant many of the modifying provisions in the principal regulations.
Regulations 24, 33, 35, 36, and 38 modify provisions in the Finance Act 1989 (c. 26), the Income and Corporation Taxes Act 1988, and the Taxation of Chargeable Gains Act 1992 (c. 12) inserted by the Finance Act 2003 (c. 14). These modifications are required because of the specific exemptions from corporation tax which are allowed to the profits from basic life assurance and general annuity business of friendly societies. Regulation 28 is consequent to the insertion of section 82B of the Finance Act 1989 by the Finance Act 2003 and is required because a friendly society may not be required to return a valuation report for every period of account.
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