The Insurance Companies (Tax Exempt Business) Regulations 2007
Where a friendly society has converted into an insurance company, or has transferred tax exempt life or endowment business or other tax exempt business to such a company, sections 460, 461 and 461B of the Income and Corporation Taxes Act 1988 (c. 1: “ICTA 1988”) provide for the tax exemption to be preserved. These Regulations modify the enactments relating to corporation tax in order to take into account such tax exempt business.