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

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Modifications of section 76 of the Taxes Act

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5.—(1) Paragraphs (2) to (6) prescribe modifications to section 76 of the Taxes Act(1) so far as it applies to the life or endowment business carried on by friendly societies, subject to paragraph (7).

(2) In subsection (2), after “referable to” insert “taxable”;

(3) In subsection (3), for “line 12, 22 or 25 of Form 40 (the revenue account)” substitute—

  • “line 12 or 25 of Form 40 (the revenue account) or column 1 of line 49 of Form 41 (long-term insurance business: analysis of premiums and expenses)”.

(4) In paragraph (a) of Step 1 in subsection (7), after “attributable to” insert “taxable”.

(5) In subsection (8)—

(a)after “attributable to” insert “taxable”;

(b)in paragraph (b), for “the Prudential Sourcebook (Insurers)” substitute “the Prudential Sourcebook (Friendly Societies)”.

(6) In subsection (11), before “basic life”, wherever those words occur, insert “taxable”.

(7) The modifications in paragraphs (3) and (5)(b) only apply to a non-directive friendly society.

(1)

Section 76 was substituted by section 40(1) of the Finance Act 2004 (c. 12) and amended by paragraph 1 of Schedule 9 to the Finance (No. 2) Act 2005.

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