Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017

Group relief not withdrawn as a result of certain transfers of business etc. by mutual societies E+W

11 (1) Group relief is not withdrawn under paragraph 8 where— E+W

(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).

Commencement Information

I1 Sch. 16 para. 11 in force at 1.4.2018 by S.I. 2018/34, art. 3