http://www.legislation.gov.uk/ukpga/1988/39/schedule/12Finance 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 Database2024-05-23Expert Participation2024-02-22 SCHEDULESSCHEDULE 12 Building Societies: Change of StatusSection 145. Introductory1Paragraphs 3 to 7 below apply where there is a transfer of the whole of a building society’s business to a company (“the successor company”) in accordance with section 97 and the other applicable provisions of the Building Societies Act 1986. Gilt-edged securities and other financial trading stock2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital allowances31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2There shall be made to or on the successor company in accordance with the Capital Allowances Act 2001 all such allowances and charges as would, if the society had continued to carry on the trade, have fallen to be made to or on it, and the amount of any such allowance or charge shall be computed as if the successor company had been carrying on the trade since the society began to do so and as if everything done to or by the society had been done to or by the successor company.3No transfer of assets from the society to the successor company effected by section 97 of the Building Societies Act 1986 shall be treated as giving rise to any such allowance or charge. Capital gains: assets acquired from society, <Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital gains: shares, and rights to shares, in successor company5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 ...—athe making of a distribution, within the meaning of the Corporation Tax Acts; ...b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .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.<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac"> Certified </Substitution><Acronym Expansion="Save As You Earn"><Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac">SAYE</Substitution></Acronym><Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac"> savings arrangements</Substitution>7Section 702 of the Income Tax (Trading and Other Income) Act 2005 (interest under certified SAYE savings arrangements to be exempt from income tax) shall have effect in relation to any interest (or bonus) payable after the transfer under a savings arrangement which immediately before the transfer was a certified SAYE savings arrangement (within the meaning of section 703(1) of that Act) in relation to the society despite the fact that it ceased to be such an arrangement by reason of the transfer. Stamp duty8Section 109 of the Building Societies Act 1986 (exemption from stamp duty) shall be renumbered as subsection (1) of that section and after that provision as so renumbered there shall be inserted—2No transfer effected by subsection (6) or (7) of section 97 shall give rise to any liability to stamp duty.Word in Sch. 12 para. 1 substituted (24.7.2002) by Finance Act 2002 (c. 23), s. 105(02)(a)1986 c. 53. Sch. 12 para. 2 repealed (24.7.2002) by Finance Act 2002 (c. 23), ss. 105(2)(b), 141, Sch. 40 Pt. 3(18)Sch. 12 para. 4 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)Sch. 12 para. 5 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)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. 1986 c. 53. Sch. 12 para. 7 and crossheading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 404 (with Sch. 2)Sch. 12 para. 3(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 337(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)Words in Sch. 12 para. 3(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 337(b) (with Sch. 2 Pts. 1, 2)Sch. 12 para. 6(1)(b) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 19(b)Word in Sch. 12 para. 6(1) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 19(a)
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<Number>SCHEDULE 12</Number>
<TitleBlock>
<Title> Building Societies: Change of Status</Title>
</TitleBlock>
<Reference>Section 145.</Reference>
<ScheduleBody>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/introductory" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/introductory" NumberOfProvisions="1" id="schedule-12-crossheading-introductory" RestrictStartDate="1991-02-01">
<Title> Introductory</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/1" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/1" RestrictExtent="E+W+S+N.I." RestrictStartDate="2002-07-24" id="schedule-12-paragraph-1">
<Pnumber>1</Pnumber>
<P1para>
<Text>
Paragraphs
<Substitution ChangeId="d29p12047" CommentaryRef="c15952441">3</Substitution>
to 7 below apply where there is a transfer of the whole of a building society’s business to a company (“the successor company”) in accordance with section 97 and the other applicable provisions of the
<CommentaryRef Ref="c13531511"/>
Building Societies Act 1986.
</Text>
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<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/giltedged-securities-and-other-financial-trading-stock" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/giltedged-securities-and-other-financial-trading-stock" NumberOfProvisions="1" id="schedule-12-crossheading-giltedged-securities-and-other-financial-trading-stock" RestrictStartDate="1991-02-01">
<Title> Gilt-edged securities and other financial trading stock</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/2" RestrictExtent="E+W+S+N.I." RestrictStartDate="2002-07-24" id="schedule-12-paragraph-2">
<Pnumber>2</Pnumber>
<P1para>
<Text>
<CommentaryRef Ref="c15952461"/>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</Text>
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<Title> Capital allowances</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/3" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/3" RestrictExtent="E+W+S+N.I." RestrictStartDate="2009-04-01" id="schedule-12-paragraph-3">
<Pnumber>3</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/3/1" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/3/1" id="schedule-12-paragraph-3-1">
<Pnumber>
<CommentaryRef Ref="key-ba92d7bfb1ccc2d6a4c4fab5fcf26c59"/>
1
</Pnumber>
<P2para>
<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/3/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/3/2" id="schedule-12-paragraph-3-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
There shall be made to or on the successor company in accordance with
<Substitution ChangeId="key-9b1c9cd5b025aad583905c4ca4295025-1510481702714" CommentaryRef="key-9b1c9cd5b025aad583905c4ca4295025">the Capital Allowances Act 2001</Substitution>
all such allowances and charges as would, if the society had continued to carry on the trade, have fallen to be made to or on it, and the amount of any such allowance or charge shall be computed as if the successor company had been carrying on the trade since the society began to do so and as if everything done to or by the society had been done to or by the successor company.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/3/3" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/3/3" id="schedule-12-paragraph-3-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>No transfer of assets from the society to the successor company effected by section 97 of the Building Societies Act 1986 shall be treated as giving rise to any such allowance or charge.</Text>
</P2para>
</P2>
</P1para>
</P1>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/capital-gains-assets-acquired-from-society-etc" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/capital-gains-assets-acquired-from-society-etc" NumberOfProvisions="1" id="schedule-12-crossheading-capital-gains-assets-acquired-from-society-etc" RestrictStartDate="1991-02-01">
<Title>
Capital gains: assets acquired from society,
<Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/4" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/4" RestrictExtent="E+W+S+N.I." RestrictStartDate="1992-03-06" id="schedule-12-paragraph-4">
<Pnumber>
<CommentaryRef Ref="c13531591"/>
4
</Pnumber>
<P1para>
<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
</P1para>
</P1>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/capital-gains-shares-and-rights-to-shares-in-successor-company" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/capital-gains-shares-and-rights-to-shares-in-successor-company" NumberOfProvisions="1" id="schedule-12-crossheading-capital-gains-shares-and-rights-to-shares-in-successor-company" RestrictStartDate="1991-02-01">
<Title> Capital gains: shares, and rights to shares, in successor company</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/5" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/5" RestrictExtent="E+W+S+N.I." RestrictStartDate="1992-03-06" id="schedule-12-paragraph-5">
<Pnumber>
<CommentaryRef Ref="c13531611"/>
5
</Pnumber>
<P1para>
<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
</P1para>
</P1>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/distributions" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/distributions" NumberOfProvisions="1" id="schedule-12-crossheading-distributions" RestrictStartDate="2016-09-15">
<Title> Distributions</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6" RestrictExtent="E+W+S+N.I." RestrictStartDate="2016-09-15" id="schedule-12-paragraph-6">
<Pnumber>6</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/1" 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
<CommentaryRef Ref="key-e858debd3085a2b9bf10248027fb540e"/>
...—
</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>
the making of a distribution, within the meaning of the Corporation Tax Acts;
<CommentaryRef Ref="key-ea36faf5125f5af34603760614ac74d9"/>
...
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/1/b" id="schedule-12-paragraph-6-1-b">
<Pnumber>
<CommentaryRef Ref="key-ea36faf5125f5af34603760614ac74d9"/>
b
</Pnumber>
<P3para>
<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/6/2" 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" 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" 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" 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" 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" 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" 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" 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>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/contractual-savings-schemes" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/contractual-savings-schemes" NumberOfProvisions="1" id="schedule-12-crossheading-contractual-savings-schemes" RestrictStartDate="2005-04-06">
<Title>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac"> Certified </Substitution>
<Acronym Expansion="Save As You Earn">
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac">SAYE</Substitution>
</Acronym>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac"> savings arrangements</Substitution>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/7" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/7" RestrictExtent="E+W+S+N.I." RestrictStartDate="2005-04-06" id="schedule-12-paragraph-7">
<Pnumber>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac">7</Substitution>
</Pnumber>
<P1para>
<Text>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac">Section 702 of the Income Tax (Trading and Other Income) Act 2005 (interest under certified </Substitution>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac">SAYE</Substitution>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac"> savings arrangements to be exempt from income tax) shall have effect in relation to any interest (or bonus) payable after the transfer under a savings arrangement which immediately before the transfer was a certified </Substitution>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac">SAYE</Substitution>
<Substitution ChangeId="key-03fae6f6121a8d5216b45ee11fdd4cac-1510464224105" CommentaryRef="key-03fae6f6121a8d5216b45ee11fdd4cac"> savings arrangement (within the meaning of section 703(1) of that Act) in relation to the society despite the fact that it ceased to be such an arrangement by reason of the transfer.</Substitution>
</Text>
</P1para>
</P1>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/crossheading/stamp-duty" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/stamp-duty" NumberOfProvisions="1" id="schedule-12-crossheading-stamp-duty" RestrictStartDate="1991-02-01">
<Title> Stamp duty</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/schedule/12/paragraph/8" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/8" id="schedule-12-paragraph-8" RestrictStartDate="1991-02-01">
<Pnumber>8</Pnumber>
<P1para>
<Text>
Section 109 of the
<CommentaryRef Ref="c13531711"/>
Building Societies Act 1986 (exemption from stamp duty) shall be renumbered as subsection (1) of that section and after that provision as so renumbered there shall be inserted—
</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<P2>
<Pnumber>2</Pnumber>
<P2para>
<Text>No transfer effected by subsection (6) or (7) of section 97 shall give rise to any liability to stamp duty.</Text>
</P2para>
</P2>
</BlockAmendment>
</P1para>
</P1>
</Pblock>
</ScheduleBody>
</Schedule>
</Schedules>
</Primary>
<Commentaries>
<Commentary id="c15952441" Type="F">
<Para>
<Text>
Word in Sch. 12 para. 1 substituted (24.7.2002) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2002/23" id="c01539" Year="2002" Class="UnitedKingdomPublicGeneralAct" Number="23" Title="Finance Act 2002">Finance Act 2002 (c. 23)</Citation>
,
<CitationSubRef id="c01540" CitationRef="c01539" URI="http://www.legislation.gov.uk/id/ukpga/2002/23/section/105/02/a" SectionRef="section-105-02-a" Operative="true">s. 105(02)(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c13531511" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/53" id="c01541" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="53">1986 c. 53</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c15952461" Type="F">
<Para>
<Text>
Sch. 12 para. 2 repealed (24.7.2002) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2002/23" id="c01543" Year="2002" Class="UnitedKingdomPublicGeneralAct" Number="23" Title="Finance Act 2002">Finance Act 2002 (c. 23)</Citation>
,
<CitationSubRef id="c01544" CitationRef="c01543" URI="http://www.legislation.gov.uk/id/ukpga/2002/23/section/105/2/b" SectionRef="section-105-2-b" Operative="true">ss. 105(2)(b)</CitationSubRef>
,
<CitationSubRef id="c01545" CitationRef="c01543" URI="http://www.legislation.gov.uk/id/ukpga/2002/23/section/141" SectionRef="section-141">141</CitationSubRef>
,
<CitationSubRef id="c01546" CitationRef="c01543" URI="http://www.legislation.gov.uk/id/ukpga/2002/23/schedule/40/part/3/18" SectionRef="schedule-40-part-3-18" Operative="true">Sch. 40 Pt. 3(18)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c13531591" Type="F">
<Para>
<Text>
Sch. 12 para. 4 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1992/12" id="c01553" Year="1992" Class="UnitedKingdomPublicGeneralAct" Number="12" Title="Taxation of Chargeable Gains Act 1992">Taxation of Chargeable Gains Act 1992 (c. 12)</Citation>
,
<CitationSubRef id="c01554" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/289" SectionRef="section-289">ss. 289</CitationSubRef>
,
<CitationSubRef id="c01555" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/290" SectionRef="section-290">290</CitationSubRef>
,
<CitationSubRef id="c01556" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/12" Operative="true" SectionRef="schedule-12">Sch.12</CitationSubRef>
(with
<CitationSubRef id="c01557" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/101/1" SectionRef="section-101-1">ss. 101(1)</CitationSubRef>
,
<CitationSubRef id="c01558" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/201/3" SectionRef="section-201-3">201(3)</CitationSubRef>
,
<CitationSubRef id="c01559" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/290" SectionRef="section-290">290</CitationSubRef>
,
<CitationSubRef id="c01560" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/11/paragraph/22" SectionRef="schedule-11-paragraph-22">Sch. 11 paras. 22</CitationSubRef>
,
<CitationSubRef id="c01561" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/11/paragraph/26/2" SectionRef="schedule-11-paragraph-26-2">26(2)</CitationSubRef>
,
<CitationSubRef id="c01562" CitationRef="c01553" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/11/paragraph/27" SectionRef="schedule-11-paragraph-27">27</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="c13531611" Type="F">
<Para>
<Text>
Sch. 12 para. 5 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1992/12" id="c01564" Year="1992" Class="UnitedKingdomPublicGeneralAct" Number="12" Title="Taxation of Chargeable Gains Act 1992">Taxation of Chargeable Gains Act 1992 (c. 12)</Citation>
,
<CitationSubRef id="c01565" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/289" SectionRef="section-289">ss. 289</CitationSubRef>
,
<CitationSubRef id="c01566" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/290" SectionRef="section-290">290</CitationSubRef>
,
<CitationSubRef id="c01567" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/12" Operative="true" SectionRef="schedule-12">Sch.12</CitationSubRef>
(with
<CitationSubRef id="c01568" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/101/1" SectionRef="section-101-1">ss. 101(1)</CitationSubRef>
,
<CitationSubRef id="c01569" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/201/3" SectionRef="section-201-3">201(3)</CitationSubRef>
,
<CitationSubRef id="c01570" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/290" SectionRef="section-290">290</CitationSubRef>
,
<CitationSubRef id="c01571" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/11/paragraph/22" SectionRef="schedule-11-paragraph-22">Sch. 11 paras. 22</CitationSubRef>
,
<CitationSubRef id="c01572" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/11/paragraph/26/2" SectionRef="schedule-11-paragraph-26-2">26(2)</CitationSubRef>
,
<CitationSubRef id="c01573" CitationRef="c01564" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/11/paragraph/27" SectionRef="schedule-11-paragraph-27">27</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="c13531681" Type="F">
<Para>
<Text>
Words in Sch. 12 para. 6(2) substituted (6.3.1992 with effect as mentioned in
<CitationSubRef id="c01578" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/289" 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" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/289" SectionRef="section-289">ss. 289</CitationSubRef>
,
<CitationSubRef id="c01581" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/290" SectionRef="section-290">290</CitationSubRef>
,
<CitationSubRef id="c01582" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/schedule/10/paragraph/16/7" Operative="true" SectionRef="schedule-10-paragraph-16-7">Sch. 10 para. 16(7)</CitationSubRef>
(with
<CitationSubRef id="c01583" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/60" SectionRef="section-60">ss. 60</CitationSubRef>
,
<CitationSubRef id="c01584" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/101/1" SectionRef="section-101-1">101(1)</CitationSubRef>
,
<CitationSubRef id="c01585" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/171" SectionRef="section-171">171</CitationSubRef>
,
<CitationSubRef id="c01586" CitationRef="c01579" URI="http://www.legislation.gov.uk/id/ukpga/1992/12/section/201/3" 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>
<Commentary id="c13531711" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/53" id="c01599" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="53">1986 c. 53</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="key-03fae6f6121a8d5216b45ee11fdd4cac" Type="F">
<Para>
<Text>
<CitationSubRef id="crikeoab2-00007" SectionRef="schedule-12-crossheading-contractual-savings-schemes" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/crossheading/contractual-savings-schemes">Sch. 12 para. 7 and crossheading</CitationSubRef>
substituted (6.4.2005) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2005/5" id="crikeoab2-00008" Class="UnitedKingdomPublicGeneralAct" Year="2005" Number="5" Title="Income Tax (Trading and Other Income) Act 2005">Income Tax (Trading and Other Income) Act 2005 (c. 5)</Citation>
,
<CitationSubRef id="crikeoab2-00009" CitationRef="crikeoab2-00008" SectionRef="section-883-1" URI="http://www.legislation.gov.uk/id/ukpga/2005/5/section/883/1">s. 883(1)</CitationSubRef>
,
<CitationSubRef id="crikeoab2-00010" CitationRef="crikeoab2-00008" SectionRef="schedule-1-paragraph-404" URI="http://www.legislation.gov.uk/id/ukpga/2005/5/schedule/1/paragraph/404" Operative="true">Sch. 1 para. 404</CitationSubRef>
(with
<CitationSubRef id="crikeoab2-00011" CitationRef="crikeoab2-00008" SectionRef="schedule-2" URI="http://www.legislation.gov.uk/id/ukpga/2005/5/schedule/2">Sch. 2</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-ba92d7bfb1ccc2d6a4c4fab5fcf26c59" Type="F">
<Para>
<Text>
<CitationSubRef id="criut3bk2-00005" SectionRef="schedule-12-paragraph-3-1" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/3/1">Sch. 12 para. 3(1)</CitationSubRef>
repealed (with effect in accordance with s. 1329(1) of the amending Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2009/4" id="criut3bk2-00006" Class="UnitedKingdomPublicGeneralAct" Year="2009" Number="4" Title="Corporation Tax Act 2009">Corporation Tax Act 2009 (c. 4)</Citation>
,
<CitationSubRef id="criut3bk2-00007" CitationRef="criut3bk2-00006" SectionRef="section-1329-1" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</CitationSubRef>
,
<CitationSubRef id="criut3bk2-00008" CitationRef="criut3bk2-00006" SectionRef="schedule-1-paragraph-337-a" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/337/a">Sch. 1 para. 337(a)</CitationSubRef>
,
<CitationSubRef id="criut3bk2-00009" CitationRef="criut3bk2-00006" SectionRef="schedule-3-part-1" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/3/part/1" Operative="true">Sch. 3 Pt. 1</CitationSubRef>
(with
<CitationSubRef id="criut3bk2-00010" CitationRef="criut3bk2-00006" SectionRef="schedule-2-part-1" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</CitationSubRef>
,
<CitationSubRef id="criut3bk2-00011" CitationRef="criut3bk2-00006" SectionRef="schedule-2-part-2" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-9b1c9cd5b025aad583905c4ca4295025" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="criut3bk2-00017" SectionRef="schedule-12-paragraph-3-2" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/3/2">Sch. 12 para. 3(2)</CitationSubRef>
substituted (with effect in accordance with s. 1329(1) of the amending Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2009/4" id="criut3bk2-00018" Class="UnitedKingdomPublicGeneralAct" Year="2009" Number="4" Title="Corporation Tax Act 2009">Corporation Tax Act 2009 (c. 4)</Citation>
,
<CitationSubRef id="criut3bk2-00019" CitationRef="criut3bk2-00018" SectionRef="section-1329-1" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</CitationSubRef>
,
<CitationSubRef id="criut3bk2-00020" CitationRef="criut3bk2-00018" SectionRef="schedule-1-paragraph-337-b" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1/paragraph/337/b" Operative="true">Sch. 1 para. 337(b)</CitationSubRef>
(with
<CitationSubRef id="criut3bk2-00021" CitationRef="criut3bk2-00018" SectionRef="schedule-2-part-1" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</CitationSubRef>
,
<CitationSubRef id="criut3bk2-00022" CitationRef="criut3bk2-00018" SectionRef="schedule-2-part-2" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-ea36faf5125f5af34603760614ac74d9" Type="F">
<Para>
<Text>
<CitationSubRef id="crjafaov2-00004" SectionRef="schedule-12-paragraph-6-1-b" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/1/b">Sch. 12 para. 6(1)(b)</CitationSubRef>
omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2016/24" id="crjafaov2-00005" Class="UnitedKingdomPublicGeneralAct" Year="2016" Number="24" Title="Finance Act 2016">Finance Act 2016 (c. 24)</Citation>
,
<CitationSubRef id="crjafaov2-00006" CitationRef="crjafaov2-00005" SectionRef="schedule-6-paragraph-19-b" URI="http://www.legislation.gov.uk/id/ukpga/2016/24/schedule/6/paragraph/19/b" Operative="true">Sch. 6 para. 19(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e858debd3085a2b9bf10248027fb540e" Type="F">
<Para>
<Text>
Word in
<CitationSubRef id="crjafaov2-00012" SectionRef="schedule-12-paragraph-6-1" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/12/paragraph/6/1">Sch. 12 para. 6(1)</CitationSubRef>
omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2016/24" id="crjafaov2-00013" Class="UnitedKingdomPublicGeneralAct" Year="2016" Number="24" Title="Finance Act 2016">Finance Act 2016 (c. 24)</Citation>
,
<CitationSubRef id="crjafaov2-00014" CitationRef="crjafaov2-00013" SectionRef="schedule-6-paragraph-19-a" URI="http://www.legislation.gov.uk/id/ukpga/2016/24/schedule/6/paragraph/19/a" Operative="true">Sch. 6 para. 19(a)</CitationSubRef>
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