216 Assets transferred from society to company
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

216  Assets transferred from society to company

(1)     This section and section 217 apply where there is a transfer of the whole of a building society's business to a company (“the successor company”) in accordance with section 97 and the other applicable provisions of the Building Societies Act 1986.

(2)     Where the society and the successor company are not members of the same group at the time of the transfer—

(a)     they shall be treated for the purposes of corporation tax on capital gains as if any asset disposed of as part of the transfer were acquired by the successor company for a consideration of such amount as would secure that on the disposal neither a gain nor a loss

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