Revenue Note for Guidance

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Revenue Note for Guidance

CHAPTER 3

Trustee savings banks

Overview

This Chapter and Schedule 17 facilitate both the amalgamation of 2 or more trustee savings banks and the reorganisation of trustee savings banks into companies without imposing adverse tax consequences.

704 Amalgamation of trustee savings banks

Where 2 or more trustee savings banks amalgamate under the Trustee Savings Banks Act 1989, those banks are treated for tax purposes as if they were the same person. The amalgamation is effectively ignored for tax purposes.

Relevant Date: Finance Act 2019