169 Payments by non-qualifying societies treated as qualifying distributions
Finance Act 2012 (2012 c 14) | Legislation

169  Payments by non-qualifying societies treated as qualifying distributions

(1)     This section applies if—

(a)     a friendly society which is not a qualifying society makes a payment to a member in respect of the member's interest in the society,

(b)     the payment is made in the course of relevant other business, and

(c)     the payment exceeds the total amount of any sums paid by the member to the society by way of contributions or deposits after deducting from that total any relevant previous payment and any relevant earlier repayment.

(2)     The excess is treated for the purposes of corporation tax and income tax as a . . . distribution.

(3)

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