# The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001, Article 32: Friendly societies: exemption from tax in respect of life or endowment business

Extent: E+W+S+N.I.

(1) Amend section 460 (friendly societies: exemption from tax in respect of life or endowment business) as follows.
(2) In subsection (10A) for the words from the beginning to “1982” substitute “Where at any time an insurance business transfer scheme has effect to transfer to a friendly society long-term business,”.
(3) After subsection (10A) insert—
“(10B) In subsection (10A) “insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.”.
(4) In subsection (11)—
(a) omit “by virtue of section 84 of the Friendly Societies Act 1974 or”;
(b) for “either of those Acts” substitute “that Act”.
(5) The amendments made by paragraphs (2) and (3) above have effect in relation to any scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.

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Source: https://www.legislation.gov.uk/uksi/2001/3629/article/32 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-taxes-order-2001/article-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.