Regulation 2 Interpretation

In these Regulations unless the context otherwise requires–

• “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)^f1, 461(1) or 461B(1)^f2 of the Taxes Act, not being a business carried on by a friendly society all of whose profits are so exempt;

• “Schedule 3” means Schedule 3 to the Finance (No. 2) Act 1997^f3;

• “Schedule 19AB” means Schedule 19AB to the Taxes Act^f4;

• “the Taxes Act” means the Income and Corporation Taxes Act 1988^f5.