# The Friendly Societies (Modifications of the Tax Acts) Regulations 2012, Regulation 7


Section 63 of FA 2012 (meaning of “long-term business” and “PHI business”) applies as if after subsection (2) there were inserted—
“(3) But “PHI business” does not include tax exempt business.”.

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Source: https://www.legislation.gov.uk/uksi/2012/3008/regulation/7 (the official version)
Page: https://openlegislation.uk/friendly-societies-modifications-of-the-tax-acts-regulations-2012/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.