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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017

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This is the original version (as it was originally enacted).

Co-operative and community benefit society and credit union relief

This section has no associated Explanatory Notes

12(1)A land transaction is relieved from tax if it is effected by or in consequence of—

(a)a transfer by a registered society of its engagements to another registered society in accordance with section 110 of the Co-operative and Community Benefit Societies Act 2014 (c. 14) (the “2014 Act”) (transfer of engagements between societies),

(b)a conversion of a registered society into a company in accordance with section 112 of the 2014 Act (conversion of society into a company, amalgamation with a company etc.),

(c)an amalgamation of a registered society with a company in accordance with that section, or

(d)a transfer by a registered society of the whole of its engagements to a company in accordance with that section.

(2)In sub-paragraph (1), “registered society” means a registered society within the meaning given by section 1(1) of the 2014 Act, but in paragraphs (b) to (d) of that sub-paragraph it does not include a society registered as a credit union under that Act by virtue of section 1 of the Credit Unions Act 1979 (c. 34) (the “1979 Act”).

(3)In so far as it applies to a credit union, sub-paragraph (1)(a) has effect as if the reference to section 110 of the 2014 Act were a reference to that section as it has effect subject to section 21 of the 1979 Act (additional provisions relating to amalgamations and transfers of engagements).

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