Commentary

D7.829 Tax implications—distributions

Corporate tax
Corporate tax | Commentary

D7.829 Tax implications—distributions

Corporate tax | Commentary

D7.829 Tax implications—distributions

Building society shares are chargeable assets for capital gains tax purposes. On any transfer to a successor company, shares in the society will be converted into deposits with the company1. Chargeable gains will not arise in any of the following circumstances2:

  1.  

    (a)     where any rights are conferred on members of a building society to acquire shares in the successor company, whether in priority to others, at a discount, or free of charge. A chargeable gain will arise if the right to acquire such shares (or the shares themselves) is disposed of

  2.  

    (b)     on the free issue of

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