LAM17230 | Modifications to statute - definition of "tax exempt business": FA12/S57A

Many of the modifications to the normal rules that apply to insurance companies use the term “tax exempt business”. This is defined in FA12/S57A (as treated as inserted by SI2012/3008/REG6) as business in an insurance company or a friendly society that is exempt from corporation tax on its profits by virtue of:

(a) section 153 (exemption for certain BLAGAB or eligible PHI business),

(b) section 158 (transfers from friendly societies to insurance companies etc),

(c) section 164 (societies registered before 1 June 1973, etc),

(d) section 165 (incorporated friendly societies),

(e) section 166 (transfers from friendly societies etc),

(f) section 167 (transfers between friendly societies).