# The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1997, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992 (S.I. 1992/1655)(“the principal Regulations”).
Regulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.
Regulation 3 inserts a further definition in regulation 2 of the principal Regulations.
Regulations 4 and 5 provide for the modification of section 76(7) of the Income and Corporation Taxes Act 1988 (“the Taxes Act”). Regulation 4 of the principal Regulations modifies section 76(7) of the Taxes Act by substituting wording which refers to section 141 of the Financial Services Act 1986 (c. 60). Section 141(2) of the 1986 Act was subsequently amended by paragraph 3 of Schedule 18 to the Friendly Societies Act 1992 (c. 40). Regulation 4 of these Regulations accordingly provides for regulation 4 of the principal Regulations to have effect in relation to accounting periods ending before 28th April 1993 (the date when the amendment made by the 1992 Act was brought fully into force); and regulation 5 inserts a new regulation (regulation 4A) in the principal Regulations which makes provision corresponding to that made by regulation 4, but has effect for later accounting periods.
Regulation 6 amends regulation 5(3) of the principal Regulations for accounting periods beginning on or after 1st January 1994 to remove references to the Friendly Societies Act 1974 (c. 46) and the Friendly Societies Act (Northern Ireland) 1970 (c. 31 (N.I.)) which have become spent.
Regulations 7 and 8 provide for the modification of section 83 of the Finance Act 1989 (c. 26). Regulation 18 of the principal Regulations modifies section 83(2) of the 1989 Act by substituting wording which refers to the Friendly Societies Act 1974 and the Friendly Societies Act (Northern Ireland) 1970; and those references are now spent. Regulation 7 accordingly provides for regulation 18 of the principal Regulations to have effect in relation to accounting periods beginning before 1st January 1994; and regulation 8 inserts a new regulation (regulation 18AA) in the principal Regulations to modify section 83(2) having regard to subsequent enactments.
Authority for the retrospective effect of these Regulations is given by section 463(4) of the Income and Corporation Taxes Act 1988.

---
Source: https://www.legislation.gov.uk/uksi/1997/471/note (the official version)
Page: https://openlegislation.uk/friendly-societies-modification-of-the-corporation-tax-acts-amendment-regulations-1997/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.