Link Report

(3) The acquisition in the course of a transfer by the successor of any assets, the profits or gains on the disposal of which by the bank would be chargeable to tax under Case I of Schedule D, shall be treated for the purposes of income tax and corporation tax as not constituting a disposal of those assets by that bank; but, on the disposal of any of those assets by the successor, the profits or gains accruing to the successor shall be calculated (for the purposes of corporation tax) as if those assets had been acquired by the successor at their cost to the bank.

(1) In this paragraph, “financial trading stock” means such of the assets of the bank as would constitute trading stock for the purposes of section 89.

(2) For the purposes of section 89, the financial trading stock of the bank concerned shall be valued at an amount equal to or treated for the purposes of subparagraph (3) as its cost to that bank.

(3) There shall be made to or on the successor in accordance with sections 307 and 308 all such allowances and charges as would, if the bank had continued to carry on the trade, have been made to or on the bank, and the amount of any such allowance or charge shall be computed as if the successor had been carrying on the trade since the trustee savings bank began to do so and as if everything done to or by the bank had been done to or by the successor; but the successor shall not be entitled to any amount which would have been made to the trustee savings bank by virtue only of section 304(4).

(b) allowances or charges provided for by sections 307 and 308.

(3) There shall be made to or on the successor in accordance with sections 307 and 308 all such allowances and charges as would, if the bank had continued to carry on the trade, have been made to or on the bank, and the amount of any such allowance or charge shall be computed as if the successor had been carrying on the trade since the trustee savings bank began to do so and as if everything done to or by the bank had been done to or by the successor; but the successor shall not be entitled to any amount which would have been made to the trustee savings bank by virtue only of section 304(4).

(b) allowances or charges provided for by sections 307 and 308.

(3) There shall be made to or on the successor in accordance with sections 307 and 308 all such allowances and charges as would, if the bank had continued to carry on the trade, have been made to or on the bank, and the amount of any such allowance or charge shall be computed as if the successor had been carrying on the trade since the trustee savings bank began to do so and as if everything done to or by the bank had been done to or by the successor; but the successor shall not be entitled to any amount which would have been made to the trustee savings bank by virtue only of section 304(4).

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

(a) a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, which becomes a company referred to in subsection (3)(c)(ii) of that section shall not be entitled to relief under section 396(1) in respect of any loss incurred by the company in a trade in any accounting period or part of an accounting period in which it was a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, and

(b) a company referred to in subsection (3)(c)(ii) of section 57 of that Act shall not be entitled to relief under section 396(1) in respect of any loss incurred by a company referred to in subsection (3)(c)(i) of section 57 of that Act.

(6) Where the liability in respect of any debt owed to a bank is transferred in the course of a transfer to a successor, the successor shall be treated as the original creditor for the purposes of section 541.

(5) For the purposes of section 597, the bank and the successor shall be treated as if they were the same person.

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

Section 705.

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

“bank” means either or both a trustee savings bank and a bank within the meaning of section 57(3)(c)(i) of the Trustee Savings Banks Act, 1989, as the context requires;

“transfer” means the transfer by a trustee savings bank of all or part of its property and rights and all of its liabilities or obligations under an order made by the Minister for Finance under section 57 of the Trustee Savings Banks Act, 1989, authorising the reorganisation of one or more trustee savings banks into a company or the reorganisation of a company referred to in subsection (3)(c)(i) of that section into a company referred to in subsection (3)(c)(ii) of that section.

(a) a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, which becomes a company referred to in subsection (3)(c)(ii) of that section shall not be entitled to relief under section 396(1) in respect of any loss incurred by the company in a trade in any accounting period or part of an accounting period in which it was a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, and

(a) a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, which becomes a company referred to in subsection (3)(c)(ii) of that section shall not be entitled to relief under section 396(1) in respect of any loss incurred by the company in a trade in any accounting period or part of an accounting period in which it was a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, and

(b) if the asset was not acquired or provided by the trustee savings bank, the bank within the meaning of section 57(3)(c)(i) of the Trustee Savings Banks Act, 1989,

“bank” means either or both a trustee savings bank and a bank within the meaning of section 57(3)(c)(i) of the Trustee Savings Banks Act, 1989, as the context requires;

“transfer” means the transfer by a trustee savings bank of all or part of its property and rights and all of its liabilities or obligations under an order made by the Minister for Finance under section 57 of the Trustee Savings Banks Act, 1989, authorising the reorganisation of one or more trustee savings banks into a company or the reorganisation of a company referred to in subsection (3)(c)(i) of that section into a company referred to in subsection (3)(c)(ii) of that section.

(a) a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, which becomes a company referred to in subsection (3)(c)(ii) of that section shall not be entitled to relief under section 396(1) in respect of any loss incurred by the company in a trade in any accounting period or part of an accounting period in which it was a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, and

(a) a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, which becomes a company referred to in subsection (3)(c)(ii) of that section shall not be entitled to relief under section 396(1) in respect of any loss incurred by the company in a trade in any accounting period or part of an accounting period in which it was a company referred to in subsection (3)(c)(i) of section 57 of the Trustee Savings Banks Act, 1989, and

(b) a company referred to in subsection (3)(c)(ii) of section 57 of that Act shall not be entitled to relief under section 396(1) in respect of any loss incurred by a company referred to in subsection (3)(c)(i) of section 57 of that Act.

(b) if the asset was not acquired or provided by the trustee savings bank, the bank within the meaning of section 57(3)(c)(i) of the Trustee Savings Banks Act, 1989,