4A

1

In the case of—

a

the transfer of the whole or part of the business of a friendly society to another friendly society; or

b

the amalgamation of two or more friendly societies; or

c

the transfer of the whole or part of the business of a friendly society to a company which is not a friendly society; or

d

the conversion of a friendly society into a company which is not a friendly society;

such of the provisions of the Corporation Tax Acts as are specified in paragraph (2) below and apply in relation to that case (being provisions which apply by virtue of section 463(2) of the Taxes Act) shall each have effect as if the words “in accordance with a scheme sanctioned by a court under Part I of Schedule 2C to the Insurance Companies Act 19823” were omitted.

2

The provisions of the Corporation Tax Acts specified in this paragraph are—

a

sections 12(7A)4, 440(2)5 and 444A(1)6 of the Taxes Act,

b

section 152A(1) of the Capital Allowances Act 19907,

c

sections 211(1), 213(5), 214(11) and 214A(7) of the Taxation of Chargeable Gains Act 19928.

3

This regulation shall have effect in relation to transfers, amalgamations and conversions taking place on or after 1st July 1994.