Regulation 8 Modifications of paragraph 1(2) to (4), (7), (10) and (11) of Schedule 19AB

(1)

Paragraphs (2) to (7) specify modifications of sub-paragraphs (2) to (4), (7), (10) and (11) of paragraph 1 of Schedule 19AB in relation to exempt business of a friendly society.

(2)

In sub-paragraph (2)–

(a)

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

(b)

for paragraph (a) there shall be substituted–

“(a)

shall begin whenever–

(i)

the society begins, at a time when it is carrying on only tax exempt business, to carry on business other than tax exempt business;

(ii)

the society begins, at a time when it is carrying on only business other than tax exempt business, to carry on tax exempt business;

(iii)

an accounting period of the society begins at a time when the society is carrying on both tax exempt business and business other than tax exempt business; or

(iv)

a provisional repayment period of the society ends, at a time when the society is carrying on both tax exempt business and business other than tax exempt business; and”;

(c)

in paragraph (b)(ii) for the word “company” there shall be substituted the word “society”.

(3)

In sub-paragraph (3) for the word “company” (wherever occurring) there shall be substituted the word “society”.

(4)

In sub-paragraph (4)(a)–

(a)

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

(b)

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

(5)

In sub-paragraph (7)–

(a)

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

(b)

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

(6)

In sub-paragraph (10) for the word “company” (wherever occurring) there shall be substituted the word “society”.

(7)

In sub-paragraph (11)(a) for the word “company” there shall be substituted the word “society”.