– see also Deposit-takers

Basic life and general annuity business

Commentary – Tax Reporter ¶805-200

Child trust funds

– see Child trust funds

Computation of profit

Legislation/Regulatory – SP 4/95

Deposit-taker

– see Deposit-takers

Distributions to

Legislation/Regulatory – FA98 s. 90

Entitlement to exemption from tax, extent of

Case Law – Homeowners Friendly Society Ltd v Barrett (HMIT) (1995) Sp C 31

Exempt basic life assurance and general annuity business (BLAGAB)/eligible permanent health insurance (PHI)

Directions to old societies

Legislation/Regulatory – FA2012 s. 163

Generally

Legislation/Regulatory – FA2012 s. 153
HMRC Guidance – CTM40320 ; CTM40325 ; CTM40340

Maximum benefits paid to members

Legislation/Regulatory – FA2012 s. 159-162

Meanings

Legislation/Regulatory – FA2012 s. 154, 155
HMRC Guidance – CTM40325

No provision for assuring gross sums above specified values

Legislation/Regulatory – FA2012 s. 156

Transfers from friendly societies to insurance companies

Legislation/Regulatory – FA2012 s. 158 ; SI 2012/3008 reg. 2
HMRC Guidance – LAM13090

Transfers to friendly societies

Legislation/Regulatory – FA2012 s. 157
HMRC Guidance – LAM13090

Exempt other business

Incorporated societies

Legislation/Regulatory – FA2012 s. 165
HMRC Guidance – CG45320 ; CTM40335 ; LAM03220

Payments by non-qualifying societies treated as distributions

Legislation/Regulatory – FA2012 s. 169

Provisional repayments for

Legislation/Regulatory – SI 1999/622

Registration pre-1 June 1973

Legislation/Regulatory – FA2012 s. 164
HMRC Guidance – CTM40335 ; CTM40340

Transfers between friendly societies

Legislation/Regulatory – FA2012 s. 167 ; SI 2012/3008 reg. 2

Transfers from friendly societies to insurance companies

Legislation/Regulatory – FA2012 s. 166 ; SI 2012/3008 reg. 2

Withdrawal of qualifying status

Legislation/Regulatory – FA2012 s. 168

Exemptions from tax

Commentary – Tax Reporter ¶805-200 ; Tax Reporter ¶815-010

Generally

Commentary – Tax Reporter ¶805-210 ; Tax Reporter ¶805-230
Case Law – Homeowners Friendly Society Ltd v Barrett (HMIT)

Gilt-edged securities

– see Gilt-edged securities

Gilt-edged securities, periodic accounting for tax on interest

Legislation/Regulatory – SI 1999/624

Incorporated

Charge to tax

Commentary – Tax Reporter ¶134-650

Exemptions

Commentary – Tax Reporter ¶134-600 ; Tax Reporter ¶805-230
Case Law – Homeowners Friendly Society Ltd v Barrett (HMIT)

Generally

Commentary – Tax Reporter ¶805-210

Group capital gains

Commentary – Tax Reporter ¶805-360

Life or endowment business, not exempt

Commentary – Tax Reporter ¶805-320

Profits from subsidiaries or jointly controlled bodies corporate

Commentary – Tax Reporter ¶805-340

Qualifying society, meaning

Commentary – Tax Reporter ¶805-340

Range of activities

Commentary – Tax Reporter ¶805-210

Incorporated friendly societies

Chargeable gains

Legislation/Regulatory – TCGA92 s. 217A, 217B, 217C

Excluded property/rights etc.

Legislation/Regulatory – FA2012 s. 170

Groups of companies

Legislation/Regulatory – FA2000 Sch. 29, para. 46 ; TCGA92 s. 170, 171
HMRC Guidance – CA22370 ; CFM34010 ; CFM52570 ; CFM53020 ; CG17600 ; CG40460 ; CG41010 ; CG41562 ; CG41571 ; CG42130 ; CG45001 ; CG45100 ; CG45105 ; CG45110 ; CG45115 ; CG45120 ; CG45125 ; CG45130 ; CG45135 ; CG45140 ; CG45405 ; CG45410 ; CG45733 ; CG45740 ; CG45950 ; CG46363 ; CG47037 ; CG47405 ; CG47420 ; CG51642 ; CG52563 ; CG53006 ; CG57400 ; CG65934 ; CG67890 ; CG73842 ; CIRD40030 ; CIRD48040 ; CTM34190 ; CTM36125 ; CTM48245 ; GIM9170

Recovery of tax from trustees

Legislation/Regulatory – FA2012 s. 170

Life assurance premiums

Adoption of scheme

Legislation/Regulatory – SI 1977/1143 reg. 3

Amendment of rules

Legislation/Regulatory – SI 1977/1143 reg. 9 ; SI 1980/1947 reg. 10

Amendment of scheme

Legislation/Regulatory – SI 1980/1947 reg. 3, 8

Approved schemes

Legislation/Regulatory – SI 1977/1143 reg. 7

Approved schemes, amendment

Legislation/Regulatory – SI 1980/1947 reg. 8

Change of rate

Legislation/Regulatory – SI 1980/1947

Corresponding increase in sum assured

Legislation/Regulatory – SI 1977/1143 reg. 5, 6

Form of election by member

Legislation/Regulatory – SI 1977/1143 Sch. 2

Gross contribution, amendment

Legislation/Regulatory – SI 1980/1947 reg. 4

Increase in contribution

Legislation/Regulatory – SI 1977/1143 reg. 4

Notice to contribution payers

Legislation/Regulatory – SI 1977/1143 reg. 8

Notice/advertisement of amendments

Legislation/Regulatory – SI 1980/1947 reg. 9

Prescribed scheme

Legislation/Regulatory – SI 1977/1143 Sch. 1

Sum assured, corresponding amendment

Legislation/Regulatory – SI 1980/1947 reg. 5

Life or endowment business

Legislation/Regulatory – FA95 Sch. 10, para. 4 ; SI 2005/2014

Life or endowment business exemption

Annuities

Commentary – Tax Reporter ¶805-280

Anti-avoidance

Commentary – Tax Reporter ¶805-280

Business pre-1 July 1984

Commentary – Tax Reporter ¶805-310

Business pre-19 March 1985

Commentary – Tax Reporter ¶805-300

Change in rules, structure or status

Commentary – Tax Reporter ¶805-250

Conditions for exemption

Commentary – Tax Reporter ¶805-260

Contracts pre-19 March 1985

Commentary – Tax Reporter ¶805-290

Generally

Commentary – Tax Reporter ¶805-240

Gross sums

Commentary – Tax Reporter ¶805-280

Limits on benefits payable to members

Commentary – Tax Reporter ¶805-280

Qualifying policy, meaning

Commentary – Tax Reporter ¶805-270

Restriction for pre-1966 societies

Commentary – Tax Reporter ¶805-310

Life or endowment business, not exempt

Commentary – Tax Reporter ¶805-320

Long term business

Accounting periods, commencement date

Legislation/Regulatory – FA2012 s. 178, 179

Application of rules as mutual insurers

Legislation/Regulatory – FA2012 s. 151
HMRC Guidance – CTM40315

Breach of maximum benefits payable to members

Legislation/Regulatory – FA2012 s. 159

Commencement

Legislation/Regulatory – FA2012 s. 178

Definitions

Legislation/Regulatory – FA2012 s. 172-174 ; SI 2012/3008 reg. 14, 15

Directions given to old societies

Legislation/Regulatory – FA2012 s. 163

Exempt basic life assurance and general annuity business

Legislation/Regulatory – FA2012 s. 153-163

Exempt other business

Legislation/Regulatory – FA2012 s. 164-169

Exempt permanent health insurance

Legislation/Regulatory – FA2012 s. 153-163

Incorporated friendly societies transfers, excluded property/rights etc.

Legislation/Regulatory – FA2012 s. 170

Maximum benefits payable to members

Legislation/Regulatory – FA2012 s. 159-162

No provision for assuring gross sums exceeding specified values

Legislation/Regulatory – FA2012 s. 156

Regulations, Treasury power to make

Legislation/Regulatory – FA2012 s. 175

Transfer of business rules

Legislation/Regulatory – FA2012 s. 152
HMRC Guidance – LAM13040 ; LAM13090

Transfers from friendly societies to insurance companies

Legislation/Regulatory – FA2012 s. 158 ; SI 2012/3008 reg. 2

Transfers to friendly societies

Legislation/Regulatory – FA2012 s. 157

Transitional provisions

Legislation/Regulatory – FA2012 Sch. 19

Unregistered societies, exemption for

Legislation/Regulatory – FA2012 s. 171

Meaning

Legislation/Regulatory – SI 1977/1143 reg. 2

Modification of the corporation tax acts

Legislation/Regulatory – SI 2005/2014

Mutual societies, transfers of business or engagements

Legislation/Regulatory – FA2009 s. 124

Non-annual actuarial investigations

Legislation/Regulatory – FA98 Sch. 18, para. 87

Payments to members

Commentary – Tax Reporter ¶805-350

Pre-1984 insurance business

Legislation/Regulatory – FA84 s. 73(4), (7)-(9)

Profits or other business exempt from tax

Commentary – Tax Reporter ¶805-330

Provisional repayment regime

Legislation/Regulatory – FA2001 s. 87(1), (2)

Qualifying lender

Legislation/Regulatory – ICTA88 s. 376

Qualifying policies

Legislation/Regulatory – FA91 Sch. 9, para. 4, 5 ; FA95 Sch. 10, para. 4 ; ICTA88 Sch. 15, para. 3-6

Registered

Exemptions

Commentary – Tax Reporter ¶134-650 ; Tax Reporter ¶805-230
Case Law – Homeowners Friendly Society Ltd v Barrett (HMIT)

Generally

Commentary – Tax Reporter ¶805-210

Life or endowment business, not exempt

Commentary – Tax Reporter ¶805-320

Tax credits

Commentary – Tax Reporter ¶805-230
Legislation/Regulatory – FA98 s. 90
Case Law – Homeowners Friendly Society Ltd v Barrett (HMIT)

Transfer of business

Application of rules

Legislation/Regulatory – FA2012 s. 152

Transitional provisions

Chargeable gains and unrelieved losses

Legislation/Regulatory – FA91 Sch. 7, para. 17
HMRC Guidance – LAM03430

General annuity contracts (old)

Legislation/Regulatory – FA91 Sch. 7, para. 16 ; SI 2012/3008 reg. 3
HMRC Guidance – LAM04200

Unit trusts, annual deemed disposal of holdings

Legislation/Regulatory – TCGA92 s. 212, 213, 214
HMRC Guidance – CG47415 ; CG54075 ; LAM03040 ; LAM03300 ; LAM03310 ; LAM03320 ; LAM03330 ; LAM03340 ; LAM03350 ; LAM03710 ; LAM05100 ; LAM07220 ; LAM12100 ; LAM12110 ; LAM12140 ; LAM13040 ; LAM15000

Unregistered societies, exemption for

Legislation/Regulatory – FA2012 s. 171

Unregistered, exemption from tax

Commentary – Tax Reporter ¶134-600 ; Tax Reporter ¶805-220