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Finance Act 2009

Background Note

6.The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (“the 2007 Act”) received Royal Assent on 23 October 2007. Its aim is to help the mutual sector to expand and flourish as an alternative model to other legal forms such as proprietary companies by making it easier for a mutual society to transfer its business to a subsidiary company of another mutual society.

7.Initial discussions with the mutual society sector ahead of implementation of the 2007 Act identified a number of tax issues that might act as a barrier to transfers under that Act and to transfers under pre-existing continuing rules.

8.This section introduces a power for HM Treasury to make, by way of regulations, provisions for the tax consequences of transfers of business or engagements ensuring, as far as possible, equivalent tax treatment for all such transfers and countering potential avoidance.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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