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Consultation on regulations for mutuals’ deferred shares

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The government is consulting until 30 September on proposed regulations to allow friendly societies and mutual insurers to issue a new type of capital instrument, ‘mutuals’ deferred shares’, created by the Mutuals’ Deferred Shares Act 2015. The consultation does not cover the tax implications in detail, although one issue for consideration is that this new class of share may call into question the corporation tax and income tax exemptions that mutuals currently enjoy. See

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