Commentary

D7.605 BLAGAB or eligible PHI business—exclusions from exemption

Corporate tax
Corporate tax | Commentary

D7.605 BLAGAB or eligible PHI business—exclusions from exemption

Corporate tax | Commentary

D7.605 BLAGAB or eligible PHI business—exclusions from exemption

FA 2012, ss 153–163 (formerly ICTA 1988, ss 460–466) set out the circumstances in which exemption from income tax and corporation tax can be claimed in respect of the profits (whether on income or chargeable gains) relating to the BLAGAB or eligible PHI business of a friendly society (see D7.604). Some difficult issues concerning the extent of the exemption are covered in D7.607.

However the exemption does not apply:

  1.  

    (a)     to a policy which loses its status as qualifying by breaching the exempt limits through aggregation with earlier policies effected with the same

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