1U.K.ICTA is amended as follows.
2U.K.Omit section 459 (unregistered friendly societies: exemption from tax).
3U.K.Omit section 460 (exemption from tax in respect of life or endowment business).
4U.K.Omit section 461 (taxation in respect of other business).
5U.K.Omit sections 461A to 461C (taxation in respect of other business: incorporated friendly societies qualifying for exemption).
6U.K.Omit section 461D (transfers of business).
7U.K.Omit section 462 (conditions for tax exempt business).
8U.K.Omit section 463 (long-term business of friendly societies: application of Corporation Tax Acts).
9U.K.Omit section 464 (maximum benefits payable to members).
10U.K.Omit section 465 (old societies).
11U.K.Omit section 465A (assets of branch of registered friendly society to be treated as assets of society after incorporation).
12U.K.Omit section 466 (interpretation of Chapter 2 of Part 12).
13(1)Schedule 15 (qualifying policies) is amended as follows.U.K.
(2)In paragraph 3—
(a)in sub-paragraphs (1) and (4)(c), for “tax exempt life or endowment business” substitute “ exempt BLAGAB or eligible PHI business ”,
(b)in sub-paragraph (8)(b)(i), for “a new society” substitute “ a society other than an old society ”, and
(c)in sub-paragraph (8)(b)(ii), for “a society other than a new society” substitute “ an old society ”.
(3)In paragraph 4(3)(b)(ii), for “a new society” substitute “ a society other than an old society ”.
(4)Omit paragraph 5.
(5)In paragraph 6—
(a)in sub-paragraph (1)—
(i)omit “(as defined in section 466)” in both places, and
(ii)for “tax exempt life or endowment business” substitute “ exempt BLAGAB or eligible PHI business ”, and
(b)in sub-paragraph (2), for “section 464” substitute “ section 160 of the Finance Act 2012 ”.
(6)After paragraph 6 insert—
“6AAny expression—
(a)which is used in any provision made by any of paragraphs 3 to 6, and
(b)which is used in Part 3 of the Finance Act 2012,
has the same meaning in that provision as it has in that Part.”