PART 3

Friendly societies carrying on long-term business

Long-term business rules to apply to friendly societies

Friendly societies subject to transfer of business rules
152
1
In this section “the transfer of business rules” means—
a
Chapter 10 of Part 2, and
b
any other provisions of the Corporation Tax Acts that apply on the transfer from an insurance company to another insurance company of the whole or part of its life assurance business or of its other long-term business.
2
The transfer of business rules apply in the same way—
a
on the transfer of the whole or part of the business of a friendly society to another friendly society,
b
on the amalgamation of friendly societies,
c
on the transfer of the whole or part of the business of a friendly society to a company which is not a friendly society,
d
on the conversion of a friendly society into a company which is not a friendly society, and
e
on the transfer of the whole or part of the business of an insurance company to a friendly society.
3
The Treasury may by regulations provide that the transfer of business rules as applied by subsection (2) have effect subject to such exceptions or other modifications as may be prescribed by the regulations.
4
The regulations may make provision having retrospective effect.
5
The regulations may—
a
make different provision for different cases or circumstances, and
b
contain incidental, supplementary, consequential, transitional, transitory or saving provision.