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What are the changes and how do they affect friendly societies?

April 26, 2017affect changes friendly Societies

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What are the changes and how do they affect friendly societies?

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• Friendly societies are taxed on investment income earned for funeral policies issued after 31 December 2002. • Friendly societies are allowed to deduct investment income when it’s paid out as a benefit on funeral policies issued after 31 December 2002. • Friendly societies continue to be exempt from tax on investment income earned for funeral policies issued before 1 January 2003.