Paragraph 2 Specified income

In respect of a society which is a society to which section 37(2) or (3) of the 1992 Act applies, which is an incorporated friendly society or which carries on reinsurance business and which, for the year ended 31st December 1995, was required under section 69 of the 1992 Act to prepare annual accounts in the form specified in section 70 of the 1992 Act and in the Friendly Societies (Accounts and Related Provisions) Regulations 1994^f1 (“the Accounts Regulations”), the value of the specified income for that relevant year is the sum of the amounts required to be entered as income items I.1, I.2a.(b), II.1, II.2.(b) and III.3.(b) in the income and expenditure account required to be prepared in accordance with Part I of Schedule 1 to the Accounts Regulations.