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The Mutual Societies (Transfers of Business) (Tax) Regulations 2009
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- UK Statutory Instruments
- 2009 No. 2971
- PART 3
- Regulation 22
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Replacement of industrial and provident society as party to a derivative contract
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22.—(1) Subject to paragraph (7), this regulation applies if—
(a)there is a relevant transfer by an industrial and provident society; and
(b)as a result of that transfer the transferee directly or indirectly replaces the transferor as a party to a derivative contract (as to which see regulation 23).
(2) The credits and debits to be brought into account for the purposes of Part 3 or 7 of CTA as a result of the relevant transfer shall be determined in accordance with paragraphs (3) to (6).
(3) Subject to paragraph (5), for the accounting period in which the relevant transfer takes place, the transferor shall be treated as having entered into the derivative contract for consideration of an amount equal to the notional carrying value of that contract (as to which see paragraph (8)).
(4) For any accounting period in which the transferee is a party to the derivative contract, the transferee shall be treated as if it had acquired that derivative contract for consideration of an amount equal to the notional carrying value of that contract in the accounts of the transferor (as to which see paragraph (8)).
(5) If a discount arises in respect of the relevant transfer, the consideration referred to in paragraph (3) shall be treated for the purposes of that paragraph as increased by the amount of the discount.
(6) Schedule 28AA to ICTA (provision not at arm’s length) does not apply in relation to the amounts in respect of which credits or debits are to be brought into account under this regulation.
(7) This regulation does not apply where the transferor is regarded as using fair value accounting in respect of the derivative contract (as to which see regulation 24).
(8) For the purposes of this regulation the notional carrying value of a derivative contract is the amount which would have been its carrying value in the accounts of the transferor if a period of account had ended immediately before the date on which the transferor had ceased to be a party to that derivative contract.
(9) For the purposes of this regulation, subsection (5) of section 480 of CTA (relevant non-lending relationships involving discounts)(1) applies as it applies for the purposes of that section.
(10) This regulation is subject to regulation 27.
(1)
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