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Regulation 12 Modifications of paragraph 6 of Schedule 19AB

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Paragraphs (2) and (3) specify modifications of paragraph 6 of Schedule 19ABf1 in relation to exempt business of a friendly society.

(2)

In sub-paragraph (1) after the definition of “provisional repayment period” there shall be added the following definition–

  • ““tax exempt business” means any business of a friendly society the profits arising from which are exempt from income tax and corporation tax under section 460(1), 461(1) or 461B(1).”

(3)

In sub-paragraph (4) for the words “an insurance company” there shall be substituted the words “a friendly society”.

Annotations

Footnotes

f1

Paragraph 6 of Schedule 19AB was amended by paragraph 4 of Schedule 34 to the Finance Act 1996 and by paragraph 51(13) of Schedule 19 to the Finance Act 1998.