The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1989

• Citation: S.I. 1989/2417
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1989 and shall come into force on 1st January 1990.

Section 2 Interpretation

In these Regulations “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988.

Section 3 Introductory

The Corporation Tax Acts as applied, subject to section 460(1) of the Taxes Act 1988, by section 463 of that Act to the life or endowment business carried on by registered friendly societies shall have effect subject to the modifications prescribed by these Regulations.

Section 4 Modification of section 76(7) of the Taxes Act 1988

(1) This regulation prescribes a modification of section 76(7) of the Taxes Act 1988 so far as applied to the life or endowment business carried on by registered friendly societies.

(2) For the words “a long term business levy imposed by virtue of the Policyholders Protection Act 1975” there shall be substituted “a levy imposed by virtue of arrangements approved by the Chief Registrar of friendly societies or, as the case may be, the Registrar of Friendly Societies for Northern Ireland under section 141 of the Financial Services Act 1986 ”.

Section 5 Modifications of sections 82 and 83 of the Finance Act 1989

(1) This regulation prescribes modifications of sections 82 and 83 of the Finance Act 1989 so far as applied to the life or endowment business carried on by registered friendly societies.

(2) In section 82(1)(b) of that Act for the words “Insurance Companies Act 1982” there shall be substituted the words “Friendly Societies Act 1974 or the Friendly Societies Act (Northern Ireland) 1970 ”.

(3) In section 83 of that Act subsection (2) shall be omitted.