Intangible fixed assets transferred as if at no gain or no loss
14.—(1) This regulation applies if—
(a)there is a relevant transfer by a building society; and
(b)the transferor is treated—
(i)for the purposes of these Regulations; or
(ii)by virtue of the provisions referred to in paragraph (2),
as disposing of any assets for a consideration of such amount as would secure that neither a gain nor a loss would accrue to the transferor on that disposal.
(2) The provisions referred to in this paragraph are—
(a)section 215 of TCGA (disposal of assets on amalgamation of building societies)(1); and
(b)section 216 of that Act (assets transferred from society to company)(2).
(3) The assets, in the hands of the transferee, shall be treated as not satisfying the general rule set out in section 882(1) of CTA (application of Part 8 to assets created or acquired on or after 1 April 2002)(3).
Section 216 has been amended by Part 2(12) of Schedule 40 to the Finance Act 2000 (c. 17).