Commentary

D7.618 Transfer of friendly society business to an insurance company or to another friendly society

Corporate tax
Corporate tax | Commentary

D7.618 Transfer of friendly society business to an insurance company or to another friendly society

Corporate tax | Commentary

D7.618 Transfer of friendly society business to an insurance company or to another friendly society

Friendly society business can be transferred as follows―

  1.  

    (a)     Exempt BLAGAB or eligible PHI business and exempt relevant other business can, from 19 July 2007, be transferred to an insurance company which is not a friendly society, while still preserving the tax exemption for business in force at the time of the transfer1.

  2.  

    The tax exemption only applies if the business transferred2:

    1.  

      (1)     relates to contracts made before the transfer; and

    2.  

      (2)     was exempt BLAGAB or eligible PHI business or exempt relevant other business immediately

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