Taxes Management Act 1970 section 11AE

Modifications of sections 11AA and 11AB for friendly societies with non-annual actuarial investigations

Section 11AE modifies the return requirements under sections 11AA and 11AB for friendly societies that do not carry out actuarial investigations on an annual basis.

• Friendly societies that conduct actuarial valuations less frequently than annually are subject to modified return rules under sections 11AA and 11AB.
• The modifications adjust the timing and content of returns to align with the society's own actuarial investigation cycle rather than requiring annual submissions.
• This section was introduced to ensure that the return obligations for these societies reflect the practical reality of their less frequent actuarial reporting periods.
• The provision was enacted by the Finance Act 1998 and took effect from the date appointed by statutory instrument (SI 1998/3173).

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