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HMRC internal manual

Capital Gains Manual

Unregistered friendly societies

On a claim, ICTA88/S459 exempts from Income Tax and Corporation Tax unregistered friendly societies whose income does not exceed £160 a year. The exemption covers Corporation Tax on both income and chargeable gains. When a society first claims exemption under ICTA88/S459, the file (with a copy of the rules of the society) should be referred to Revenue Policy Business Tax (Insurance Group).