30.—(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)(1),
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)(2).
1988 c. 1. Section 486 has been amended by paragraph 188 of Schedule 1 and Schedule 3 to the Income Tax (Trading and Other Income) Act 2005 (c. 5); by paragraph 90 of Schedule 1 and Part 1 of Schedule 3 to the Income Tax Act 2007 (c. 3); by sections 1322 and 1326 of, and paragraph 163 of Schedule 1 and Part 1 of Schedule 3 to , the Corporation Tax Act 2009 (c. 4) and by S.I. 2002/794.