The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005

Modifications of section 82 of the Finance Act 1989

26.—(1) Where section 82(1)(b) of the Finance Act 1989(1) applies, as originally enacted, by virtue of paragraph 1(6) of Schedule 33 to the Finance Act 2003(2)—

(a) in the case of a friendly society, subsection (1)(b) of that section shall be modified so that for “section 9.6 of the Prudential Sourcebook (Insurers)” there is substituted “rule 5.1 of the Prudential Sourcebook (Friendly Societies)”;

(b) in the case of a non annual return society, at the end of that section there is treated as inserted—

“(9) Where a period of account ends on a day to which a valuation report has not been prepared, or begins on a day immediately following such a day, the amount of any unappropriated surplus on valuation for the purposes of subsections (1)(b) and (4) shall be the amount which was taken into account at the end of the last period of account for which a valuation report was prepared.”.

(1)

1989 c. 26.

(2)

2003 c. 14.