SCHEDULE 16

GROUP RELIEF
PART 4

WITHDRAWAL OF RELIEF

Group relief not withdrawn as a result of certain transfers of business etc. by mutual societies
11
1
Group relief is not withdrawn under paragraph 8 where—
a
there is a relevant transfer of business or engagement,
b
before the date of the relevant transfer there had been a relieved transaction, and
c
as a result of that transfer, the buyer in the relieved transaction ceases to be a member of the same group as the seller—
i
before the end of the period of 3 years beginning with the effective date of the relieved transaction, or
ii
in pursuance of, or in connection with, arrangements made before the end of that period.
2
In this paragraph, a “"relevant transfer of business or engagement”” means—
a
a transfer of business described in paragraph 10(1)(a) and (b) of Schedule 22 (transactions entered into by building societies);
b
a transfer of business described in paragraph 11(1) of that Schedule (transactions entered into by friendly societies);
c
a transfer of business described in paragraph 12(1) of that Schedule (transactions entered into by co-operative and community benefit societies or credit unions).
Sch. 16 para. 11 in force at 1.4.2018 by S.I. 2018/34, art. 3