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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations, which come into force on 1st January 2002, make provision in relation to the tax exempt life or endowment business of friendly societies whose profits are not wholly exempt from tax.

They amend the text of Schedule 19AB to the Income and Corporation Taxes Act 1988, so as to refer to tax credits only (not deduction of income tax at source). Note that the amendments to Schedule 19AB made by paragraphs 10 and 11 of Schedule 3 to the Finance (No. 2) Act 1997 do not have effect, by virtue of paragraph 12(1) of the latter Schedule.

These Regulations also introduce a simplified method of estimating the provisional repayments of tax credits which are referable to tax exempt life or endowment business.