PART 3

Friendly societies carrying on long-term business

Long-term business rules to apply to friendly societies

Friendly societies subject to same basic rules as mutual insurers
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1
The Corporation Tax Acts apply to—
a
life assurance business carried on by friendly societies, and
b
other long-term business carried on by friendly societies,
in the same way as they apply respectively to mutual life assurance business carried on by insurance companies and other long-term business carried on by insurance companies.
2
Subsection (1) does not apply to business which is exempt BLAGAB or eligible PHI business.
3
The Treasury may by regulations provide that the Corporation Tax Acts as applied by subsection (1) have effect subject to such exceptions or other modifications as may be prescribed by the regulations.
4
The regulations may require any part of any business to be treated as a separate business.
5
The regulations may make provision having retrospective effect.
6
The regulations may—
a
make different provision for different cases or circumstances, and
b
contain incidental, supplementary, consequential, transitional, transitory or saving provision.