delete The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1995
These 1995 Regulations amend the Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1992, prescribing technical modifications to various corporation tax provisions (from Finance Acts 1960-1990 and Income and Corporation Taxes Act 1970) as they apply to friendly societies' life and endowment business. The regulations define 'specified cases', 'designated cases', and 'taxable' vs 'tax exempt' business categories, and restrict expense relief calculations to only those referable to taxable (non-exempt) business for accounting periods spanning 1966-1995.
These extremely technical regulations prescribe retroactive tax calculation rules for a narrow category of mutual financial institutions (friendly societies). They represent the kind of complex, narrow-purpose legislation that distorts market incentives by favoring one business structure over others. The underlying policy goal (preventing tax-free expense offsets between exempt and taxable business lines) could be achieved through simpler, more general legislation or addressed within the principal Act itself. Most critically, these modifications to historical accounting periods (some ending before 1970) have no prospective economic value—they govern only past transactions that are long since settled. Keeping this on the books adds unnecessary complexity to the statute book with zero benefit to current economic dynamism.