Regulation 10 Modifications of paragraph 3 of Schedule 19AB

(1)

Paragraphs (2) to (7) specify modifications of paragraph 3 of Schedule 19AB^f1 in relation to exempt business of a friendly society.

(2)

In sub-paragraph (1)–

(a)

for the words “an insurance company's” there shall be substituted the words “a friendly society's”;

(b)

for the words “the company” there shall be substituted the words “the society”;

(c)

for the words “the insurance company” there shall be substituted the words “the friendly society”.

(3)

In sub-paragraph (1A)–

(a)

for the word “company” (wherever occurring) there shall be substituted the word “society”;

(b)

for the words “pension business” (wherever occurring) there shall be substituted the words “tax exempt business”.

(4)

In sub-paragraph (1B)–

(a)

for the words “the company” there shall be substituted the words “the society”;

(b)

for the words “the company's” there shall be substituted the words “the society's”.

(5)

In sub-paragraph (1C) for the words “pension business” (wherever occurring) there shall be substituted the words “tax exempt business”.

(6)

In sub-paragraph (5) for the word “company” there shall be substituted the word “society”.

(7)

In sub-paragraph (8) for the word “company” (wherever occurring) there shall be substituted the word “society”.

Annotations

f1: Paragraph 3 of Schedule 19AB was amended by paragraph 3 of Schedule 34 to the Finance Act 1996, paragraph 11(3) to (5) of Schedule 3, and Part II(7) of Schedule 8, to the Finance (No. 2) Act 1997, and sections 37(2) and 91 of, and paragraph 51(7) to (12) of Schedule 19, and Part III(3) of Schedule 27, to the Finance Act 1998.