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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Incorporation of previously registered societies

TCGA92/S217A - TCGA92/S217C deal with the situation where a previously registered society incorporates under the provisions of the Friendly Societies Act 1992. The broad effects of these provisions as far as the society is concerned are

  • any assets which pass from the registered society to the newly incorporated society do so on a no gain/no loss basis
  • where the incorporated society subsequently disposes of any asset acquired in this way, TCGA92/S41 (restriction of allowable loss by reference to capital allowances) will apply as if any capital allowances made to the registered society had been made to the incorporated society.