Paragraph 75 Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

After regulation 5 of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997^f1 insert—

“Modifications of section 76 of the Taxes Act

5A.

(1)

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

(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), for “basic life assurance” substitute “taxable basic life assurance” wherever the words occur.

(7)

The modifications in paragraphs (3) and (5)(b) only apply to a friendly society to which Chapter 5 of the Prudential Sourcebook (Friendly Societies) applies.”.