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HMRC internal manual

Capital Gains Manual

Registered friendly societies

Subject to certain restrictions, see CTM40320 - CTM40330, a friendly society carryingon 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). Afriendly society registered on or before 31 May 1973 carrying on business other than lifeor endowment business is exempted from Corporation Tax on income or chargeable gainsarising from that business by ICTA88/S461 (1). It is possible, but unlikely, that afriendly society registered after 31 May 1973 may also be exempt from Corporation Tax onthe income or chargeable gains arising from its business other than life or endowmentbusiness, see CTM40335.