The Friendly Societies (Provisional Repayments for Exempt Business) (Amendment) Regulations 1997

• Citation: S.I. 1997/474
• Sections: 5

Section 1 Citation, commencement and effect

These Regulations may be cited as the Friendly Societies (Provisional Repayments for Exempt Business) (Amendment) Regulations 1997 and shall come into force on 20th March 1997, but except as otherwise provided shall have effect in relation to accounting periods beginning on or after 1st January 1995.

Section 2 Interpretation

In these Regulations unless the context otherwise requires “the principal Regulations ” means the Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1993 and “regulation” means a regulation of the principal Regulations.

Section 3 Amendments to the principal Regulations

In regulation 2, for the words “the Friendly Societies (Modifications of the Corporation Tax Acts) Regulations 1992” there shall be substituted the words “the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997” .

Section 4 Amendments to the principal Regulations

(1) Regulation 4 shall be amended in accordance with paragraphs (2) to (4).

(2) In paragraph (4) sub-paragraph (a) shall be omitted.

(3) In paragraph (6), in the substituted sub-paragraph (5), in paragraphs (a)(i) and (b)(i) the word “solely” shall be omitted.

(4) In paragraph (6), in the substituted sub-paragraph (5A)—

(a) in the definition of “tax exempt basic life assurance and general annuity business” for the words “regulation 5(2) of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992” there shall be substituted the words “regulation 6(2) of the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997”;

(b) in the definition of “long term business”, for the words “regulation 5(4)” there shall be inserted the words “regulation 6(4)”.

Section 5 Amendments to the principal Regulations

(1) In regulation 4(6), in the substituted sub-paragraph (5)—

(a) in paragraph (a)(i) after the words “general annuity business” there shall be inserted the words “or tax exempt class IV business”;

(b) in paragraph (b)(i), for the words “long term business other than life or endowment business” there shall be substituted the words “tax exempt class IV business”;

(c) in paragraph (b)(ii), for the words “long term business other than life assurance business” there shall be substituted the words “tax exempt class IV business”.

(2) In regulation 4(6), in the substituted sub-paragraph (5A)—

(a) after the definition of “tax exempt basic life assurance and general annuity business” there shall be inserted the following definition—

‘tax exempt class IV business’ shall be construed in accordance with the definition inserted in section 431(2) by regulation 7(2) of those Regulations; and

(b) the definition of “life or endowment business” and the word “and” immediately preceding it shall be omitted.

(3) This regulation shall have effect in relation to accounting periods ending on or after 1st September 1996.