The Friendly Societies (Modifications of the Tax Acts) Regulations 2012
Parts 2 and 3 of the Finance Act 2012 (c. 14) (“FA 2012”) established a new regime for the taxation of insurance companies and friendly societies. As from 1st January 2013 the starting point for the calculation of the trading profits of insurance companies and friendly societies will be the statutory company accounts, rather than the regulatory return.