Amendment of section 129(8) (intra-group transfers and demutualisation)
This section has no associated Explanatory Memorandum
2.—(1) Section 129(8) of the Finance Act 2012 is amended as follows.
(2) Insert “relevant” before “liabilities” in paragraph (a) and before “assets” in paragraph (b).
(3) For the words after paragraph (b), substitute—
“In this paragraph, “relevant liabilities” and “relevant assets” means those liabilities and assets which give rise to amounts that are taken into account as part of the calculation under Chapter 6 of Part 2, and “relevant time” means the time immediately before the transfer (in the case of the transferor) and the time immediately after it (in the case of the transferee).”.