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Finance Act 1988

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Changes over time for: Cross Heading: Distributions

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Version Superseded: 06/04/2007

Status:

Point in time view as at 06/03/1992.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1988, Cross Heading: Distributions. Help about Changes to Legislation

DistributionsU.K.

6(1)Where, in connection with the transfer, qualifying benefits are conferred by the society or the successor company on members of the society, the conferring of those benefits shall not be regarded as either—U.K.

(a)the making of a distribution, within the meaning of the Corporation Tax Acts; or

(b)the payment or crediting of a dividend for the purposes of [F1section 477A] of the Taxes Act 1988 or any regulations under that section (building society interest etc.).

(2)Sub-paragraph (1) above does not preclude any qualifying benefit (and, in particular, any qualifying benefit which in the hands of the recipient would, apart from that sub-paragraph, constitute income for the purposes of income tax) from being a capital distribution for the purposes of section [F2122 of the Taxation of Chargeable Gains Act 1992], and in that section “distribution” shall be construed accordingly.

(3)In this paragraph “qualifying benefits” means—

(a)any such rights as are mentioned in paragraph 5(1)(a), (b) or (c) above, and any property obtained by the exercise of those rights;

(b)any shares issued or disposed of as mentioned in paragraph 5(2) above;

(c)any shares issued or disposed of, or to which a member becomes entitled, as mentioned in paragraph 5(3) or (4) above, and any interest in the settled property constituted by those shares;

(d)any payment in lieu of a qualifying benefit falling within paragraphs (a) to (c) above;

(e)any distribution made in pursuance of section 100(2)(b) of the M1Building Societies Act 1986.

(4)Member” has the same meaning in this paragraph as in paragraph 5 above.

Textual Amendments

F1Words in Sch. 12 para. 6(1)(b) substituted (25.07.1991)(where qualifying benefits are conferred on or after 06.04.1991) by Finance Act 1991 (c. 31, SIF 63:1), s. 79(1)(2)

F2Words in Sch. 12 para. 6(2) substituted (6.3.1992 with effect as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 16(7) (with ss. 60, 101(1), 171, 201(3))

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