Commentary

D7.617 Conversion of a friendly society into an insurance company

Corporate tax
Corporate tax | Commentary

D7.617 Conversion of a friendly society into an insurance company

Corporate tax | Commentary

D7.617 Conversion of a friendly society into an insurance company

A friendly society which is converted into an insurance company ceases to be registered under FSA 19921. The effect of deregistration is that the society ceases in general to be entitled to the tax exemptions available to a registered or incorporated friendly society. However, the company continues to be entitled to tax exemption in respect of that part of its BLAGAB or eligible PHI business which relates to contracts which were exempt before the conversion provided that there is no increase in the scale of benefits provided2.

Any of the company's

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