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The Friendly Societies (Activities of a Subsidiary) Order 1998

S.I. 1998/2328 · Made 25 September 1998

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

FRIENDLY SOCIETIES

Made 25th September 1998

Laid before Parliament 28th September 1998

Coming into force 19th October 1998

The Friendly Societies Commission, with the consent of the Treasury, in exercise of the powers conferred upon it by section 13(8) of the Friendly Societies Act 1992f1, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

1992 c. 40.

Contents

  1. 1Citation and commencement
  2. 2Variation of Schedule 7
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Friendly Societies (Activities of a Subsidiary) Order 1998 and shall come into force on the 19th October 1998.

2Variation of Schedule 7

Schedule 7f1 to the Friendly Societies Act 1992 (which lists the activities which may be carried on by a subsidiary of, or a body jointly controlled by, an incorporated friendly society) is amended by inserting after paragraph 1 the following paragraph–

“1A

The establishment and management, or arranging for the establishment and management, of individual savings accounts; and in this paragraph “individual savings accounts” means plans of a kind referred to in section 333(1A) of the Income and Corporation Taxes Act 1988f2.”

Signature

In witness whereof the common seal of the Friendly Societies Commission is hereto fixed, and is authenticated by me, a person authorised under paragraph 13 of Schedule 1 to the Friendly Societies Act 1992, on 21st September 1998.

L.S.

B.F. D'Silva

We consent to this Order.

Clive Betts

Jim Dowd

Two of the Lords Commissioners of Her Majesty’s Treasury

25th September 1998

Explanatory note

(This note is not part of the Order)

This Order varies Schedule 7 to the Friendly Societies Act 1992 (which lists the activities which may be carried on by a subsidiary of, or a body jointly controlled by, an incorporated friendly society). A new activity is added, as paragraph 1A, namely the establishment and management, or arranging for the establishment and management, of individual savings accounts; that is, plans of a kind referred to in section 333(1A) of the Income and Corporation Taxes Act 1988.

Subsidiaries which carry on this activity may be required to be authorised, or obtain approval, under the relevant legislation.

Compliance cost assessment

The Individual Savings Accounts Regulations 1998 (S.I. 1998 No. 1870), made by the Treasury, set out the detailed requirements in respect of the scheme of individual savings accounts. The Inland Revenue has published a compliance cost assessment of such accounts. The Friendly Societies (Activities of a Subsidiary) Order 1998 will not impose any new burdens on business, accordingly, no additional compliance cost assessment has been prepared.