1 Citation, commencement and effect

(1)    These Regulations may be cited as the Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2011 and shall come into force on 2nd February 2011.

(2)    These Regulations shall have effect in relation to any relevant transfer which takes place on or after 2nd February 2011.

NOTES
Initial Commencement
Specified date

Specified date: 2 February 2011: see para (1) above.

2 Interpretation

2Interpretation

In these Regulations “relevant transfer” has the same meaning as in the Mutual Societies (Transfers of Business) (Tax) Regulations 2009.

NOTES
Initial Commencement
Specified date

Specified date: 2 February 2011: see reg 1(1).

3 Amendment of Regulation 17 of the Mutual Societies (Transfers of Business) (Tax) Regulations 2009

3Amendment of Regulation 17 of the Mutual Societies (Transfers of Business) (Tax) Regulations 2009

(1)    The Mutual Societies (Transfers of Business) (Tax) Regulations 2009 are amended as follows.

(2)    In regulation 17 (transfer of an asset—taxation of chargeable gains—company ceasing to be a member of group) omit “as a consequence of the relevant transfer”.

NOTES
Initial Commencement
Specified date

Specified date: 2 February 2011: see reg 1(1).

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Signature

Michael Fabricant

Jeremy Wright

Two of the Lords Commissioners for Her Majesty's Treasury

11th January 2011

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Regulations)

These Regulations amend the Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (SI 2009/2971) (“the principal Regulations”) to remove erroneous words from regulation 17 of those Regulations.

Regulation 17 of the principal Regulations prevents section 179 of the Taxation of Chargeable Gains Act 1992 (c 12) applying in respect of assets acquired as a result of specified relevant transfers by industrial and provident societies. The erroneous words incorrectly limit the intended operation of regulation 17.

Regulation 1 deals with citation, commencement and effect. Regulation 1(2) provides that these Regulations shall have effect in relation to any relevant transfer that takes place on or after the date on which these Regulations come into force.

Regulation 2 deals with interpretation.

Regulation 3 omits the erroneous words “as a consequence of the relevant transfer” from regulation 17 of the principal Regulations.

A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sector is foreseen.

Financial Institutions95 Business Taxes98 Disposals & Transfers of Business98 Tax Law98 Banking & Finance Law95