The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2005

• Citation: S.I. 2005/2005
• Sections: 9

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 2005 and shall come into force on 11 th August 2005.

(2) These Regulations shall have effect in relation to accounting periods beginning on or after 1 st January 2004 and ending on or before 31 st December 2004.

Section 2 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 are amended as follows.

Section 3 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

In regulation 2 —

(a) in both of the definitions of “annual return society” and “non annual return society” add at the end “or Rule 9.4 of the Prudential Sourcebook (Insurers)”;

(b) add at the appropriate place the following definition—

The Prudential Sourcebook (Insurers)” means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000 ;

Section 4 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

In regulation 4A(1) add at the end “to which Chapter 5 of the Prudential Sourcebook (Friendly Societies) applies”.

Section 5 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

In regulation 6 —

(a) in paragraph (1), add at the end “to which Chapter 5 of the Prudential Sourcebook (Friendly Societies) applies and, in the case of paragraph (4), by friendly societies”;

(b) in paragraph (2)—

(i) in both of the definitions of “annual return society” and “non annual return society” treated as inserted in section 431 of the Income and Corporation Taxes Act 1988, add at the end “or Rule 9.4 of the Prudential Sourcebook (Insurers)”;

(ii) add at the appropriate place the following definition—

“The Prudential Sourcebook (Insurers)” means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000;

Section 6 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

In regulation 9(2) , in the subsection (1B) treated as inserted in section 432A of the Income and Corporation Taxes Act 1988, in paragraph (a), for “as the society's” to “in relation” substitute—

as—

(i) the society’s valuation report but which are limited to an investigation of the matters referred to in rule 5.1(3) of the Prudential Sourcebook (Friendly Societies), or

(ii) the society’s periodical return but which are limited to an investigation of the matters referred to in Rule 9.4(2) of the Prudential Sourcebook (Insurers),

in relation

Section 7 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

In regulation 32A(1) after “society” insert “to which Chapter 5 of the Prudential Sourcebook (Friendly Societies) applies”.

Section 8 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

In regulation 36(1) add at the end “to which Chapter 5 of the Prudential Sourcebook (Friendly Societies) applies”.

Section 9 Amendments to the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997

In regulation 53A(1) add at the end “for friendly societies to which Chapter 5 of the Prudential Sourcebook (Friendly Societies) applies”.