# The Friendly Societies (Modifications of the Tax Acts) Regulations 2012, Regulation 12


Section 114 of FA 2012 (application of Chapter) applies as if—
(a) in subsection (1)—
(i) for “, has”, there were substituted “carries on two or more of”,
(ii) the “and” at the end of paragraph (a) were omitted, and
(iii) after paragraph (a) there were inserted—
“(aa) a tax exempt business, and”,
(b) in subsection (2)—
(i) in paragraph (a) “two” were omitted, and
(ii) in paragraph (b) “(a) and (b)” were omitted, and
(c) in subsection (5)—
(i) the “and” at the end of paragraph (a) were omitted, and
(ii) after paragraph (a) there were inserted—
“(aa) calculating the profits of the tax exempt business, and”.

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Source: https://www.legislation.gov.uk/uksi/2012/3008/regulation/12 (the official version)
Page: https://openlegislation.uk/friendly-societies-modifications-of-the-tax-acts-regulations-2012/regulation-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.