The Friendly Societies (Taxation of Transfers of Business) (Amendment) Regulations 1997

• Citation: S.I. 1997/472
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Friendly Societies (Taxation of Transfers of Business) (Amendment) Regulations 1997 and shall come into force on 19th March 1997.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Friendly Societies (Taxation of Transfers of Business) Regulations 1995 and “regulation” means a regulation of the principal Regulations.

Section 3 Amendments to the principal Regulations

In regulation 4, the following paragraph shall be added—

(3) This regulation shall have effect in relation to transfers, amalgamations and conversions taking place on or after 1st January 1990 but before 1st July 1994.

Section 4 Amendments to the principal Regulations

After regulation 4 there shall be inserted—

(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 1982 ” were omitted.

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

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

(b) section 152A(1) of the Capital Allowances Act 1990 ,

(c) sections 211(1), 213(5), 214(11) and 214A(7) of the Taxation of Chargeable Gains Act 1992 .

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