The Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2024

Citation, commencement and effect

1.—(1) These Regulations may be cited as the Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2024 and come into force on 15th May 2024.

(2) Subject to paragraphs (3) to (5), these Regulations have effect in relation to any relevant transfer which takes place on or after 1st January 2023.

(3) Paragraphs (4) and (5) apply if a relevant transfer takes place on or after 1st January 2023 but before the date on which these Regulations come into force.

(4) Subject to paragraph (5), any—

(a) charge to tax (or increase in a charge to tax) on a party to the relevant transfer,

(b) reduction in relief from tax available to a party to the relevant transfer, or

(c) reduction in losses available to a party to the relevant transfer,

which arises only as a result of the application of these Regulations is to be disregarded.

(5) Paragraph (4) does not apply in relation to—

(a) any charge to tax (or increase in a charge to tax),

(b) any reduction in relief from tax, or

(c) any reduction in losses,

which may arise as a result of anything done or occurring on or after the date on which these Regulations come into force.

(6) In this regulation, “relevant transfer” has the same meaning as in regulation 3 of the Mutual Societies (Transfers of Business) (Tax) Regulations 2009(1).

(1)

S.I. 2009/2971, to which there are amendments not relevant to these Regulations.