# The Friendly Societies (Modifications of the Tax Acts) Regulations 2012, Regulation 9


Section 67 (exemption where BLAGAB small part of long-term business) applies as if—
(a) for subsection (3) there were substituted—
“(3) There are instead to be two businesses that are to be regarded for corporation tax purposes as consisting of—
(a) that basic life assurance and general annuity business and the other long-term business, and
(b) tax exempt business.”, and
(b) in subsection (4) for “that single trade” there were substituted “the trade in subsection (3)(a)”.

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Source: https://www.legislation.gov.uk/uksi/2012/3008/regulation/9 (the official version)
Page: https://openlegislation.uk/friendly-societies-modifications-of-the-tax-acts-regulations-2012/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.