PART 3INDUSTRIAL AND PROVIDENT SOCIETIES

Intangible fixed assets transferred as if at no gain or no loss30

1

This regulation applies if—

a

there is a relevant transfer by an industrial and provident society; and

b

the transferor is treated—

i

for the purposes of these Regulations; or

ii

by virtue of section 486 of ICTA (industrial and provident societies and co-operative associations)36,

as disposing of any assets for a consideration of such amount as would secure that neither a gain nor a loss would accrue to the transferor on that disposal.

2

The assets, in the hands of the transferee, shall be treated as not satisfying the general rule set out in section 882(1) of CTA (application of Part 8 to assets created or acquired on or after 1 April 2002)37.