The Friendly Societies (Taxation of Transfers of Business) (Amendment) Regulations 1997

Amendments to the principal Regulations

4.  After regulation 4 there shall be inserted—

“4A.— (1) In the case of—

(a) the transfer of the whole or part of the business of a friendly society to another friendly society; or

(b) the amalgamation of two or more friendly societies; or

(c) the transfer of the whole or part of the business of a friendly society to a company which is not a friendly society; or

(d) the conversion of a friendly society into a company which is not a friendly society;

such of the provisions of the Corporation Tax Acts as are specified in paragraph (2) below and apply in relation to that case (being provisions which apply by virtue of section 463(2) of the Taxes Act) shall each have effect as if the words “in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the Insurance Companies Act 1982(1)” were omitted.

(2) The provisions of the Corporation Tax Acts specified in this paragraph are—

(a) sections 12(7A)(2), 440(2)(3) and 444A(1)(4) of the Taxes Act,

(b) section 152A(1) of the Capital Allowances Act 1990(5),

(c) sections 211(1), 213(5), 214(11) and 214A(7) of the Taxation of Chargeable Gains Act 1992(6).

(3) This regulation shall have effect in relation to transfers, amalgamations and conversions taking place on or after 1st July 1994.”

(1)

1982 c. 50; Schedule 2C was inserted by Schedule 3 to S.I. 1994/1696.

(2)

Section 12 (7A) was inserted by paragraph 3 of Schedule 9 to the Finance Act 1990 and amended by section 53 of, and paragraph 1(1) and (2)(a) of Schedule 9 to, the Finance Act 1995 (c. 4) in relation to any transfers sanctioned or authorised after 30th June 1994.

(3)

Section 440 was substituted by paragraph 8 of Schedule 6 to the Finance Act 1990 and subsection (2) was amended by section 53 of, and paragraph 1(1) and (2)(b) of Schedule 9 to, the Finance Act 1995 in relation to any transfers sanctioned or authorised after 30th June 1994.

(4)

Section 444A was inserted by paragraph 4 of Schedule 9 to the Finance Act 1990 and subsection (1) was amended by section 53 of, and paragraph 1(1) and (2)(b) of Schedule 9 to, the Finance Act 1995 in relation to any transfers sanctioned or authorised after 30th June 1994.

(5)

1990 c. 1; section 152A was inserted by paragraph 5 of Schedule 9 to the Finance Act 1990 and subsection (1) was substituted by section 53 of, and paragraph 3 of Schedule 9 to, the Finance Act 1995 in relation to any transfers sanctioned or authorised after 30th June 1994.

(6)

1992 c. 12; sections 211(1) and 214(11) were amended by section 53 of, and paragraph 1(1) and (2)(d) of Schedule 9 to, the Finance Act 1995 in relation to any transfers sanctioned or authorised after 30th June 1994. Section 213(5) was amended by section 53 of, and paragraphs 1(1), (2)(d) and 4 of Schedule 9 to, the Finance Act 1995 in relation to any transfers sanctioned or authorised after 30th June 1994. Section 214A was inserted by section 91(5) of the Finance Act 1993 (c. 34), and section 214A(7) was amended by section 53 of, and paragraphs 1(1), (2)(d) and 5 of Schedule 9 to the Finance Act 1995 in relation to any transfers sanctioned or authorised after 30th June 1994.