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The Friendly Societies (Transfers of Other Business) (Modification of the Corporation Tax Acts) Regulations 2008

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Modification of the Capital Allowances Act 2001

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8.—(1) Modify the Capital Allowances Act 2001(1) as follows.

(2) After section 257 insert—

Friendly societies

Apportionment of allowances and charges

257A.(1) Where a friendly society carries on tax exempt other business and taxable other business and is entitled or liable to any allowance or charge for a chargeable period in respect of plant or machinery provided for use, or used, for the management of that business, that allowance or charge must be apportioned between each category of business in accordance with this section.

(2) There shall be apportioned to each category of business the relevant fraction of any allowance or charge.

(3) For the purposes of subsection (2) “the relevant fraction” in relation to each category of business is—

where—

A is the mean of the opening and closing liabilities of that category of business (but taking that mean to be nil if it would otherwise be below nil); and

B is the mean of the opening and closing liabilities of the other category of business which is carried on by the society (but taking that mean to be nil if it would otherwise be below nil).

(4) But if the denominator found in accordance with subsection (3) is nil the relevant fraction for the purpose of subsection (2) in relation to each category of business is such fraction as is just and reasonable.

(5) For the purposes of this section, the management of a business, or a category of business, consists of pursuing those purposes expenditure on which falls to be regarded as expenses payable for the purposes of section 461G of ICTA.

(6) In this section—

“friendly society” has the same meaning as in section 466(2) of ICTA(2);

“liabilities” means the technical provisions determined in accordance with Part 6 of Schedule 6 to the Friendly Societies (Accounts and Related Provisions) Regulations 1994;

“long-term business” shall be construed in accordance with section 431(2) of  ICTA(3);

“tax exempt other business” and “taxable other business” have the same meanings as in section 461E of ICTA..

(2)

The definition of “friendly society” was inserted by paragraph 14 of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48).

(3)

The definition of “long-term business” was substituted by article 26(5) of S.I. 2001/3629.

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