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Finance Act 1998

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Changes over time for: Paragraph 7

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Version Superseded: 21/07/2008

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Point in time view as at 22/07/2004.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. Help about Changes to Legislation

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 M1Building Societies Act 1986; or

(c)the incorporation of a registered friendly society under the M2Friendly Societies Act 1992.

(3)In this section—

  • 'insurance company’ has the meaning given by section 96(1) of the M3Insurance 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.

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