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HMRC internal manual

Capital Gains Manual

Building Societies: amalgamation of building societies


If an asset is disposed of by one building society to another in the course of or as part of an amalgamation or transfer of engagements, it will pass on a no gain/no loss basis for the purposes of Corporation Tax on chargeable gains. This treatment applies to both societies and, therefore, establishes the Capital Gains Tax acquisition cost for any subsequent disposal of the asset by the transferee.