http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06Finance Act 1988An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1988-07-29texttext/xmlenStatute Law Database2024-05-231992-03-06 SCHEDULESSCHEDULE 12 Building Societies: Change of Status Distributions61Where, 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—athe making of a distribution, within the meaning of the Corporation Tax Acts; orbthe payment or crediting of a dividend for the purposes of section 477A of the Taxes Act 1988 or any regulations under that section (building society interest etc.).2Sub-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 [122 of the Taxation of Chargeable Gains Act 1992], and in that section “distribution” shall be construed accordingly.3In this paragraph “qualifying benefits” means—aany such rights as are mentioned in paragraph 5(1)(a), (b) or (c) above, and any property obtained by the exercise of those rights;bany shares issued or disposed of as mentioned in paragraph 5(2) above;cany 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;dany payment in lieu of a qualifying benefit falling within paragraphs (a) to (c) above;eany distribution made in pursuance of section 100(2)(b) of the Building Societies Act 1986.4Member” has the same meaning in this paragraph as in paragraph 5 above.Words 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)Words 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))1986 c. 53.
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<Legislation xmlns="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39" NumberOfProvisions="392" RestrictEndDate="1992-07-01" xsi:schemaLocation="http://www.legislation.gov.uk/namespaces/legislation http://www.legislation.gov.uk/schema/legislation.xsd" SchemaVersion="1.0" RestrictStartDate="1992-03-06" RestrictExtent="E+W+S+N.I.">
<ukm:Metadata xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata">
<dc:identifier>http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06</dc:identifier>
<dc:title>Finance Act 1988</dc:title>
<dc:description>An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.</dc:description>
<dc:date>1988-07-29</dc:date>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-05-23</dc:modified>
<dct:valid>1992-03-06</dct:valid>
<atom:link rel="self" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/ukpga/1988/39/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/ukpga/1988/39/1992-03-06" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/ukpga/1988/39/introduction/1992-03-06" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/ukpga/1988/39/body/1992-03-06" title="body"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/schedules" href="http://www.legislation.gov.uk/ukpga/1988/39/schedules/1992-03-06" title="schedules"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/ukpga/1988/39/contents/1992-03-06" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/replaces" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1991-07-25" title="1991-07-25"/>
<atom:link rel="http://purl.org/dc/terms/isReplacedBy" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/2007-04-06" title="2007-04-06"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/enacted" title="enacted"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1991-02-01" title="1991-02-01"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1991-07-25" title="1991-07-25"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/2007-04-06" title="2007-04-06"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/2016-09-15" title="2016-09-15"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions" title="current"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/1992-03-06" title="Schedule 12"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/capital-gains-shares-and-rights-to-shares-in-successor-company/1992-03-06" title="Crossheading; Schedule 12 Crossheading; Capital gains: shares, and rights to shares, in successor company"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/capital-gains-shares-and-rights-to-shares-in-successor-company/1992-03-06" title="Crossheading; Schedule 12 Crossheading; Capital gains: shares, and rights to shares, in successor company"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/contractual-savings-schemes/1992-03-06" title="Crossheading; Schedule 12 Crossheading; Contractual savings schemes"/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/contractual-savings-schemes/1992-03-06" title="Crossheading; Schedule 12 Crossheading; Contractual savings schemes"/>
<ukm:PrimaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="primary"/>
<ukm:DocumentMainType Value="UnitedKingdomPublicGeneralAct"/>
<ukm:DocumentStatus Value="revised"/>
</ukm:DocumentClassification>
<ukm:Year Value="1988"/>
<ukm:Number Value="39"/>
<ukm:EnactmentDate Date="1988-07-29"/>
</ukm:PrimaryMetadata>
<ukm:Alternatives>
<ukm:Alternative Date="2008-03-02" URI="http://www.legislation.gov.uk/ukpga/1988/39/pdfs/ukpga_19880039_en.pdf" Title="Print Version"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="391"/>
<ukm:BodyParagraphs Value="190"/>
<ukm:ScheduleParagraphs Value="201"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="1"/>
</ukm:Statistics>
</ukm:Metadata>
<Primary>
<Schedules RestrictEndDate="2003-04-06">
<Title> SCHEDULES</Title>
<Schedule DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12" NumberOfProvisions="8" RestrictEndDate="2005-04-06" id="schedule-12">
<Number>SCHEDULE 12</Number>
<TitleBlock>
<Title> Building Societies: Change of Status</Title>
</TitleBlock>
<ScheduleBody>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/distributions" NumberOfProvisions="1" RestrictEndDate="2007-04-06" id="schedule-12-crossheading-distributions">
<Title> Distributions</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6" RestrictEndDate="2007-04-06" RestrictExtent="E+W+S+N.I." RestrictStartDate="1992-03-06" id="schedule-12-paragraph-6">
<Pnumber>6</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/1/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/1" id="schedule-12-paragraph-6-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>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—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/1/a/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/1/a" id="schedule-12-paragraph-6-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the making of a distribution, within the meaning of the Corporation Tax Acts; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/1/b/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/1/b" id="schedule-12-paragraph-6-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
the payment or crediting of a dividend for the purposes of
<Addition ChangeId="d29p12147" CommentaryRef="c13531671">section 477A</Addition>
of the Taxes Act 1988 or any regulations under that section (building society interest
<Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>
).
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/2/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/2" id="schedule-12-paragraph-6-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
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 [
<CommentaryRef Ref="c13531681"/>
122 of the Taxation of Chargeable Gains Act 1992], and in that section “
<Term id="term-distribution">distribution</Term>
” shall be construed accordingly.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/3/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/3" id="schedule-12-paragraph-6-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In this paragraph “
<Term id="term-qualifying-benefits">qualifying benefits</Term>
” means—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/3/a/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/3/a" id="schedule-12-paragraph-6-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/3/b/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/3/b" id="schedule-12-paragraph-6-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any shares issued or disposed of as mentioned in paragraph 5(2) above;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/3/c/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/3/c" id="schedule-12-paragraph-6-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>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;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/3/d/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/3/d" id="schedule-12-paragraph-6-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>any payment in lieu of a qualifying benefit falling within paragraphs (a) to (c) above;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/3/e/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/3/e" id="schedule-12-paragraph-6-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
any distribution made in pursuance of section 100(2)(b) of the
<CommentaryRef Ref="c13531691"/>
Building Societies Act 1986.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/4/1992-03-06" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/4" id="schedule-12-paragraph-6-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
<Term id="term-member">Member</Term>
” has the same meaning in this paragraph as in paragraph 5 above.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</Pblock>
</ScheduleBody>
</Schedule>
</Schedules>
</Primary>
<Commentaries>
<Commentary id="c13531671" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c01574" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/1/b" SectionRef="schedule-12-paragraph-6-1-b">Sch. 12 para. 6(1)(b)</CitationSubRef>
substituted (25.07.1991)(
<Emphasis>where qualifying benefits are conferred on or after 06.04.1991)</Emphasis>
by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1991/31" id="c01575" Year="1991" Class="UnitedKingdomPublicGeneralAct" Number="31" Title="Finance Act 1991">Finance Act 1991 (c. 31, SIF 63:1)</Citation>
,
<CitationSubRef id="c01576" URI="http://www.legislation.gov.uk/id/ukpga/1991/31/section/79/1/2" Operative="true" CitationRef="c01575" SectionRef="section-79-1-2">s. 79(1)(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c13531681" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c01577" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/2" SectionRef="schedule-12-paragraph-6-2">Sch. 12 para. 6(2)</CitationSubRef>
substituted (6.3.1992 with effect as mentioned in
<CitationSubRef id="c01578" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/289" CitationRef="c01579" SectionRef="section-289">s. 289</CitationSubRef>
of the amending Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1992/12" id="c01579" Year="1992" Class="UnitedKingdomPublicGeneralAct" Number="12" Title="Taxation of Chargeable Gains Act 1992">Taxation of Chargeable Gains Act 1992 (c. 12)</Citation>
,
<CitationSubRef id="c01580" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/289" CitationRef="c01579" SectionRef="section-289">ss. 289</CitationSubRef>
,
<CitationSubRef id="c01581" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/290" CitationRef="c01579" SectionRef="section-290">290</CitationSubRef>
,
<CitationSubRef id="c01582" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/10/paragraph/16/7" Operative="true" CitationRef="c01579" SectionRef="schedule-10-paragraph-16-7">Sch. 10 para. 16(7)</CitationSubRef>
(with
<CitationSubRef id="c01583" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/60" CitationRef="c01579" SectionRef="section-60">ss. 60</CitationSubRef>
,
<CitationSubRef id="c01584" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/101/1" CitationRef="c01579" SectionRef="section-101-1">101(1)</CitationSubRef>
,
<CitationSubRef id="c01585" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/171" CitationRef="c01579" SectionRef="section-171">171</CitationSubRef>
,
<CitationSubRef id="c01586" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/201/3" CitationRef="c01579" SectionRef="section-201-3">201(3)</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="c13531691" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/53" id="c01587" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="53">1986 c. 53</Citation>
.
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>