The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014

Mutual Societies (Transfers of Business) (Tax) Regulations 2009

26.—(1) The Mutual Societies (Transfers of Business) (Tax) Regulations 2009(1) are amended as follows.

(2) In regulation 2 (interpretation) after the definition of “loan relationship” insert—

““registered society” means a registered society within the meaning given by section 1(1) of the Co-operative and Community Benefit Societies Act 2014, other than a society registered as a credit union;”.

(3) In the following regulations for “an industrial and provident society” substitute “a registered society”—

(a) regulation 2(1) (interpretation), in the definition of “subsidiary of a mutual society”;

(b) in regulation 3(2) (meaning of relevant transfer) in each place where these words appear;

(c) regulation 19(1)(a) (transfer of loan relationship);

(d) regulation 22(1)(a) (replacement of industrial and provident society as party to a derivative contract);

(e) regulation 30(1)(a) (intangible fixed assets transferred as if at no gain or no loss); and

(f) regulation 32 (exemption from stamp duty).

(4) In the following provisions for “industrial and provident society” substitute “registered society”—

(a) regulation 3(2), in sub-paragraph (a) and, in the second place where these words appear, in sub-paragraph (b); and

(b) regulation 22, in the heading.

(5) In regulation 3(2)(a) and (c) for “industrial and provident societies”, except where these words appear in a reference to an enactment, substitute “registered societies”.

(1)

S.I. 2009/2971 as amended by S.I. 2013/496. There are other amending instruments but none is relevant.