- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
20(1)Subject to the repeals made by the [1992 c. 12.] Taxation of Chargeable Gains Act 1992, after section 143 of the [1979 c. 14.] Capital Gains Tax Act 1979 there shall be inserted—
(1)This section applies where a registered friendly society is incorporated under the [1992 c. 40.] Friendly Societies Act 1992 (“the 1992 Act”).
(2)In this section—
(a)“the registered society” means the society before the incorporation, and
(b)“the incorporated society” means the society after the incorporation.
(3)For the purposes of corporation tax on chargeable gains—
(a)any asset of the registered society that by virtue of section 6(2) or (3) of the 1992 Act is transferred to the incorporated society,
(b)any asset of a branch of the registered society that by virtue of section 6(4) of the 1992 Act is transferred to the incorporated society, and
(c)any asset of a branch of the registered society that is identified in a scheme under section 6(5) of the 1992 Act,
shall be taken to be disposed of by the registered society or branch and acquired by the incorporated society on the incorporation for a consideration of such amount as to secure that on the disposal neither a gain nor a loss accrues to the registered society or branch.
(1)Where any asset acquired on a disposal to which section 143A(3) above applies is subsequently disposed of by the incorporated society, section 34 above shall apply as if any capital allowance made to the registered society in respect of the asset had been made to the incorporated society.
(2)If the disposal by the incorporated society is in relevant circumstances for the purposes of section 275(1) of the [1970 c. 10.] Income and Corporation Taxes Act 1970, the disposal to which section 143A(3) above applies shall for those purposes be taken to have been a previous transfer of the asset in relevant circumstances.”
(2)Subject to the repeals made by the [1992 c. 12.] Taxation of Chargeable Gains Act 1992—
(a)in section 68 of the [1985 c. 54.] Finance Act 1985 (modification of indexation allowance) in subsection (7A)(a) after “123A,” there shall be inserted “143A,”, and
(b)in Schedule 8 to the [1988 c. 39.] Finance Act 1988 (assets held on 31st March 1982) in paragraph 1(3)(a) after “123A,” there shall be inserted “143A,”.
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