Revenue Note for Guidance

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Revenue Note for Guidance

CHAPTER 2

Building societies

Overview

This Chapter and Schedule 16 ensure that the amalgamation of building societies and the conversion of a building society to a limited company are tax neutral events.

702 Union or amalgamation of, transfer of engagement between, societies

Where on an amalgamation of 2 or more building societies, within the meaning of the Building Societies Acts, 1874 to 1989, a disposal of assets between the societies takes place, that disposal does not give rise to a chargeable gain or an allowable loss.

Relevant Date: Finance Act 2019