490. Application of long-term business rules to friendly societies.

Provisions of the Corporation Tax Acts1 relating to insurance companies are applied to friendly societies, subject to provision made by regulations2. Part 3 of the Finance Act 20123 makes special provision for corporation tax purposes in relation to long-term and other business carried on by friendly societies4. Provision is made for, and in connection with, a special exemption from corporation tax for basic life assurance and general annuity business ('BLAGAB') or eligible permanent health insurance ('PHI') business