Amendments to the principal Regulations4
After regulation 3 there shall be inserted the following regulations—
Modifications of section 72 of the Finance Act 19603A
1
Paragraphs (2) and (3) prescribe modifications of section 72 of the Finance Act 19604 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 4th May 1966 but before 6th April 1970.
2
In subsection (2) for the words following “foregoing subsection” there shall be substituted the words “is machinery or plant provided for use or used for the purposes of the management of the taxable life or endowment business of a friendly society”.
3
After subsection (2) there shall be inserted—
Modifications of section 69 of the Finance Act 19653B
1
Paragraphs (2) to (4) prescribe modifications of section 69 of the Finance Act 19657 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 4th May 1966 but before 6th April 1970.
2
In subsection (1)—
a
The following paragraph shall be inserted before paragraph (a)—
za
the amount treated as expenses of management shall be restricted to expenses referable to life or endowment business (construed in accordance with section 29(8) of the Finance Act 1966) which is not exempt from corporation tax by virtue of section 440(1) of the Income Tax Act 1952;
b
in paragraph (a) after the words “expenses of management” there shall be inserted the words “(as so restricted)”.
3
In paragraph (b) of subsection (3) for the words “that business” there shall be substituted the words “taxable general annuity business”.
4
After subsection (9) there shall be added—
10
In subsection (3)(b) above “taxable general annuity business” means general annuity business other than general annuity business the profits arising from which are exempt from tax by virtue of section 440(1) of the Income Tax Act 1952.
Modifications of section 305 (1) of the Income and Corporation Taxes Act 19703C
1
Paragraphs (2) and (3) prescribe modifications of section 305(1) of the Income and Corporation Taxes Act 19708 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 6th April 1970 but before 6th April 1988.
2
The following paragraph shall be inserted before paragraph (a)—
za
the amount treated as expenses of management shall be restricted to expenses referable to life or endowment business (construed in accordance with section 337(2)9 below) which is not exempt from corporation tax by virtue of section 332(1) below;
3
in paragraph (a) after the words “expenses of management” there shall be inserted the words “(as so restricted)”.
Modifications of section 306 of the Income and Corporation Taxes Act 1970
3D
1
Paragraphs (2) and (3) prescribe modifications of section 306 of the Income and Corporation Taxes Act 197010 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 6th April 1970 but before 6th April 1988.
2
In subsection (1) for the words from “of the business” to “of life assurance,” there shall be substituted the words “of the taxable life or endowment business of a friendly society”.
3
After subsection (1) there shall be inserted—
1A
In subsection (1) above “taxable life or endowment business” means life or endowment business (construed in accordance with section 337(2) below) which is not exempt from corporation tax by virtue of section 332(1) below.
3E
1
Paragraphs (2) and (3) prescribe modifications of section 306 of the Income and Corporation Taxes Act 1970 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 6th April 1988 but before 6th April 1990.
2
In subsection (1) for the words from “of the business” to “of life assurance,” there shall be substituted the words “of the taxable life or endowment business of a friendly society”.
Modifications of section 313 of the Income and Corporation Taxes Act 19703F
1
Paragraphs (2) and (3) prescribe modifications of section 313 of the Income and Corporation Taxes Act 197013 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 6th April 1970 but before 6th April 1988.
2
In subsection (1) for the words “that business” there shall be substituted the words “taxable general annuity business”.
3
After subsection (6) there shall be added—
7
In subsection (1) above “taxable general annuity business” means general annuity business other than general annuity business the profits arising from which are exempt from tax by virtue of section 332(1) below.
Modification of section 75 (3) of the Taxes Act3G
1
Paragraph (2) prescribes a modification of subsection (3) of section 75 of the Taxes Act so far as it applies in designated cases to the life or endowment business carried on by friendly societies where an excess such as is mentioned in that subsection arises for an accounting period beginning on or after 1st January 1990.
2
In paragraph (b), after the words “expenses of management” there shall be inserted the words “referable to business chargeable to corporation tax”.
3
In paragraph (1) “designated cases” means all cases where—
a
expenses of management have been disbursed in the accounting period,
b
some of those expenses, when disbursed, were referable to business exempt from corporation tax by virtue of section 460(1) of the Taxes Act, and
c
in relation to the accounting period the case was not a specified case.
Modifications of section 76 (1) of the Taxes Act
3H
1
Paragraphs (2) and (3) prescribe modifications of section 76(1)14 of the Taxes Act so far as it applies to the life or endowment business carried on by friendly societies for accounting periods ending on or after 6th April 1988 but beginning before 1st January 1990.
2
The following paragraph shall be inserted before paragraph (a)—
za
the amount treated as expenses of management shall be restricted to expenses referable to life or endowment business (construed in accordance with section 466(1)) which is not exempt from corporation tax by virtue of section 460(1);
3
In paragraph (a) after the words “expenses of management” there shall be inserted the words “(as so restricted)”.
3I
1
Paragraphs (2) and (3) prescribe modifications of subsection (1) of section 76 of the Taxes Act so far as it applies to the life or endowment business carried on by friendly societies for accounting periods beginning on or after 1st January 1990 but before 1st January 1992.
2
In paragraph (ca) for the words from “referable” to the end there shall be substituted the words “referable to taxable basic life assurance business”.
3
In paragraph (e) for the words from “referable” to the end there shall be substituted the words “referable to taxable basic life assurance business”.
3J
1
Paragraph (2) prescribes a modification of subsection (1) of section 76 of the Taxes Act so far as it applies in specified cases to the life or endowment business carried on by friendly societies for accounting periods beginning on or after 1st January 1990 but before 1st January 1992.
2
In paragraph (d) after the words“referable to” there shall be inserted the words “tax exempt basic life assurance business”.
3K
1
Paragraphs (2) and (3) prescribe modifications of subsection (1) of section 76 of the Taxes Act15 so far as it applies to the life or endowment business carried on by friendly societies for accounting periods beginning on or after 1st January 1992.
2
In paragraph (ca) for the words from“referable” to the end there shall be substituted the words “referable to taxable basic life assurance and general annuity business”.
3
In paragraph (e) for the words from “referable” to the end there shall be substituted the words “referable to taxable basic life assurance and general annuity business”.
3L
1
Paragraph (2) prescribes a modification of subsection (1) of section 76 of the Taxes Act so far as it applies in specified cases to the life or endowment business carried on by friendly societies for accounting periods beginning on or after 1st January 1992.
2
In paragraph (d) after the words “referable to” there shall be inserted the words “tax exempt basic life assurance and general annuity business”.