Part VI Companies, oil, insurance etc.
Chapter IV Miscellaneous cases
F2Friendly societies
C1217AF1Transfer of assets on incorporation of registered friendly society.
1
This section and section 217B apply where a registered friendly society is incorporated under the Friendly Societies Act 1992 (“the 1992 Act").
2
In this section and section 217B—
a
“the registered society” means the society before the incorporation, and
b
“the incorporated society” means the society after the incorporation.
3
For the purposes of corporation tax on chargeable gains—
a
any asset of the registered society that by virtue of section 6(2) or (3) of the 1992 Act is transferred to the incorporated society,
b
any asset of a branch of the registered society that by virtue of section 6(4) of the 1992 Act is transferred to the incorporated society, and
c
any asset of a branch of the registered society that is identified in a scheme under section 6(5) of the 1992 Act,
shall be taken to be disposed of by the registered society or branch and acquired by the incorporated society on the incorporation for a consideration of such amount as to secure that on the disposal neither a gain nor a loss accrues to the registered society or branch.
Cross heading inserted (19.2.1993) by 1992 c. 48, s. 56, Sch. 9 para. 21(3); S.I. 1993/236, art. 2