Commentary

121 Tax reliefs on transfer of business

BUILDING SOCIETIES vol 6(1)
| Commentary

121 Tax reliefs on transfer of business

| Commentary

121 Tax reliefs on transfer of business

Several tax reliefs are provided in connection with the transfer of a building society’s business to a company1. The society’s financial trading stock is treated as transferred at cost2. Continuity of ownership is preserved for capital allowances3. There are reliefs in respect of the gains on the chargeable assets transferred4, the issue of shares in the company to the society for subsequent disposal to its members5, and members’ rights to acquire shares in the company without payment6. Sums paid under a

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