PART 3 U.K. Friendly societies carrying on long-term business

Miscellaneous U.K.

171 Exemption for unregistered friendly societies U.K.

(1) A friendly society which is neither a registered friendly society nor an incorporated friendly society is not liable to pay corporation tax (whether on income or chargeable gains) on its profits if its income does not exceed £160 a year.

(2) The exemption applies only if the society makes a claim.