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The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005

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Modifications of section 440 of the Taxes Act

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16.—(1) The modifications of section 440 of the Taxes Act(1) given in paragraphs (2) and (3) apply—

(a)where a friendly society begins or ceases to maintain a separate fund for long-term insurance business, or

(b)in relation to a prescribed transaction.

(2) In subsection (1), for “If” substitute “Subject to subsection (4A) below, if”

(3) After subsection (4) insert the following subsection—

“(4A) Subsection (1) above shall not have effect in relation to any assets which—

(a)cease to be within the category set out in paragraph (e) of subsection (4) above and come within the category set out in paragraph (f) of that subsection, or

(b)cease to be within the category set out in paragraph (f) of subsection (4) above and come within the category set out in paragraph (e) of that subsection.”.

(4) Paragraph (5) prescribes a modification of section 440(4) of the Taxes Act so far as it applies to the life or endowment business carried on by friendly societies.

(5) For paragraph (d) substitute—

“(d)assets linked solely to taxable basic life assurance and general annuity business;

(da)assets linked solely to tax exempt basic life assurance and general annuity business;”.

(1)

Section 440 was substituted by paragraph 8 of Schedule 6 to the Finance Act 1990 (c. 29).

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