asked the Minister for Finance if registered friendly societies are liable to the payment of income tax; and if any changes are envisaged in the liability of these bodies to do so.
Ceisteanna—Questions. Oral Answers. - Friendly Societies Tax.
45.
Under Section 335 of the Income Tax Act, 1967, as amended, a society registered in the State under Section 8 (1) of the Friendly Societies Act, 1896, which is precluded by statute or by its rules, from assuring to any person a sum exceeding £1,000 by way of gross sum, or £52 a year by way of annuity, is entitled to exemption from income tax under Schedules C and D. Friendly Societies are outside the ambit of corporation profits tax.
The limits of £1,000 by way of gross sum and £52 a year by way of annuity are those at present in force under the friendly societies Acts and in the event of those Acts being amended to raise the limits, consideration will be given to a corresponding amendment of section 335.