HC Deb 31 January 1985 vol 72 cc321-2W
Mr. Freeman

asked the Chancellor of the Exchequer whether he will estimate the number of friendly societies that have closed as a result of the changes in tax exemption limits contained in the Finance Act 1984.

Mr. Ian Stewart

The long-term decline in the number of friendly societies and number of branches continued in 1984. It is not possible to distinguish any effect of the tax and related statutory changes in 1984, which were favourable for some societies and adverse for others. None of the societies which went out of existence in 1984 told the Registry of Friendly Societies that the tax changes were the reason for it.