The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

Interpretation

2.  In these Regulations—

• “directive society” means—

  (a)

  a friendly society to which section 37(2) of the Friendly Societies Act 1992(1) applies, or

  (b)

  an incorporated friendly society which does not fall within paragraph (a);

• “incorporated friendly society” has the meaning given by section 116 of the Friendly Societies Act 1992;

• “linked business” means any business within Class III of Head A of Schedule 2 to the Friendly Societies Act 1992;

• “non-directive society” means a friendly society other than a directive society;

• “pension business” has the meaning given by section 431B of the Taxes Act(2);

• “prescribed transactions” means any of the following transactions, that is to say—

  (a)

  the transfer of the whole or part of the business of a directive society or a section 37(3) society to a non-directive society,

  (b)

  the transfer of the whole or part of the business of a non-directive society to a directive society or a section 37(3) society,

  (c)

  the amalgamation of a directive society or a section 37(3) society and a non-directive society,

  (d)

  the transfer of the whole or part of the business of a non-directive society to a company which is not a friendly society, and

  (e)

  the conversion of a non-directive society into a company which is not a friendly society;

• “section 37(3) society” means a non-directive society which—

  (a)

  falls within subsection (3) of section 37 of the Friendly Societies Act 1992, and

  (b)

  is a friendly society to which subsection (8) of that section(3) applies;

• “specified transactions” means any of the following transactions, that is to say—

  (a)

  the transfer of the whole or part of the business of a friendly society to another friendly society,

  (b)

  the amalgamation of two or more friendly societies,

  (c)

  the transfer of the whole or part of the business of a friendly society to a company which is not a friendly society, and

  (d)

  the conversion of a friendly society into a company which is not a friendly society;

• “the Taxes Act” means the Income and Corporation Taxes Act 1988;

• “the 1992 Act” means the Taxation of Chargeable Gains Act 1992(4).

(1)

1992 c. 40.

(2)

Section 431B was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995 (c. 4).

(3)

Section 37(8) was substituted by regulation 3 of S.I. 1993/2519.

(4)

1992 c. 12.