Part VI Companies, oil, insurance etc.
Chapter IV Miscellaneous cases
F1Industrial and provident societies and co-operatives
217DDisposal of assets on union, amalgamation or transfer of engagements
1
Subsection (2) applies if—
a
there is a union or amalgamation of two or more relevant bodies or a transfer of engagements from one relevant body to another, and
b
in the course of, or as part of, that union, amalgamation or transfer there is a disposal of an asset by one relevant body to another.
2
Both bodies are treated for the purposes of corporation tax on chargeable gains as if the asset were acquired from the body making the disposal for a consideration which is of the amount needed to secure that on the disposal neither a gain nor a loss accrues to the body making the disposal.
3
In this section “relevant body” means—
a
a society registered or treated as registered under the Industrial and Provident Societies Act 1965 or the Industrial and Provident Societies Act (Northern Ireland) 1969,
b
an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Co-Operative Society, or
c
a UK agricultural or fishing co-operative, as defined in section 1058 of CTA 2010.
S. 217D and cross-heading inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 250 (with Sch. 2)