The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1993

Schedule 19AB to the Income and Corporation Taxes Act 1988 (“Schedule 19AB”) applies to an insurance company carrying on pension business; and makes provision for payments on account of tax borne by deduction and tax credits in respect of distributions received (“provisional repayments”). Schedule 19AB provides for provisional repayments to be determined by means of a calculation in which long term business is distinguished from other business.