# The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1999, 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”.

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Source: https://www.legislation.gov.uk/uksi/1999/622/regulation/8 (the official version)
Page: https://openlegislation.uk/friendly-societies-provisional-repayments-for-exempt-business-regulations-1999/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.