CG41607 - Registered friendly societies

Subject to certain restrictions, see CTM40320 - CTM40330, a friendly society carrying on life and endowment business (excluding pension business) is exempt from Corporation Taxon income or chargeable gains arising from that business by virtue of ICTA88/S460 (1). A friendly society registered on or before 31 May 1973 carrying on business other than life or endowment business is exempted from Corporation Tax on income or chargeable gains arising from that business by ICTA88/S461 (1). It is possible, but unlikely, that a friendly society registered after 31 May 1973 may also be exempt from Corporation Tax on the income or chargeable gains arising from its business other than life or endowment business, see CTM40335.