# The Friendly Societies (Provisional Repayments for Exempt Business) (Amendment) Regulations 1997, Note: Explanatory note


(This note is not part of the Regulations)
Schedule 19AB to the Income and Corporation Taxes Act 1988 (c. 1) (“Schedule 19AB” and “the Taxes Act” respectively) applies to an insurance company carrying on pension business; and makes provision for payments on account of tax borne by deduction and tax credits in respect of distributions received (“provisional repayments”). Schedule 19AB also makes provision determining how the amounts of provisional repayments are to be calculated.
Section 121 of the Finance Act 1993 empowers the Treasury to provide by regulations for Schedule 19AB to have effect in relation to the tax exempt business of a friendly society as it has effect in relation to the pension business of an insurance company; and the Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1993 (S.I. 1993/3112) (“the principal Regulations”) provide for Schedule 19AB to have such effect (subject to certain modifications and exceptions).
These Regulations make a number of detailed amendments to the principal Regulations consequent upon the amendment made to paragraph 1(5)(b)(i) of Schedule 19AB by paragraph 12(1)(b) of Schedule 8 to the Finance Act 1995 (c. 4), the amendment, by section 171(1) of the Finance Act 1996 (c. 8), of the definition of “life or endowment business” in section 466(1) of the Taxes Act and the replacement of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992 (S.I. 1992/1655) by the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473).
These Regulations have effect, except as otherwise provided, for accounting periods beginning on or after 1st January 1995. Authority for the retrospective effect of these Regulations is given by section 121 of the Finance Act 1993.

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Source: https://www.legislation.gov.uk/uksi/1997/474/note (the official version)
Page: https://openlegislation.uk/friendly-societies-provisional-repayments-for-exempt-business-amendment-regulations-1997/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.