Commentary

D7.610 'Relevant other business'—conditions for exemption: registered societies

Corporate tax
Corporate tax | Commentary

D7.610 'Relevant other business'—conditions for exemption: registered societies

Corporate tax | Commentary

D7.610 'Relevant other business'—conditions for exemption: registered societies

A registered friendly society may claim tax exemption in respect of its other relevant business if it is 'qualifying society'.

'Relevant other business' is business that is neither 1:

  1.  

    (a)     life assurance business;

  2.  

    (b)     PHI within BLAGAB or eligible PHI.

A registered friendly society is a qualifying society if it is within one of the following categories2:

  1.  

    (a)     a society registered before 1 June 1973 which is not subject to a direction withdrawing such exemption (see below);

  2.  

    (b)     a society registered after 31 May 1973 whose business is limited to the provision

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