
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Paragraph 7


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 21/07/2008
Status:
Point in time view as at 22/07/2004.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1998, Paragraph 7.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
7U.K.In Chapter IV of Part VI (special cases), before section 215 there shall be inserted the following section—
“ Re-organisations of mutual businessesU.K.
214C Gains not eligible for taper relief.
(1)A gain shall not be eligible for taper relief if—
(a)it is a gain accruing on a disposal in connection with any relevant re-organisation; or
(b)it is a gain accruing on anything which, in a case in which capital sums are received under or in connection with a relevant re-organisation, falls under section 22 to be treated as a disposal.
(2)In this section “a relevant re-organisation” means—
(a)any scheme of reconstruction or amalgamation applying to a mutual company;
(b)the transfer of the whole of a building society’s business to a company in accordance with section 97 and the other applicable provisions of the Building Societies Act 1986; or
(c)the incorporation of a registered friendly society under the Friendly Societies Act 1992.
(3)In this section—
'insurance company’ has the meaning given by section 96(1) of the Insurance Companies Act 1982;
'mutual company’ means—
(a)
a mutual insurance company; or
(b)
a company of another description carrying on a business on a mutual basis;
'mutual insurance company’ means an insurance company carrying on a business without having a share capital; and
'scheme of reconstruction or amalgamation’ has the same meaning as in section 136.”
Yn ôl i’r brig