FA 1988
Paragraph 3(1) of Schedule 12 to FA 1988
3470.This Schedule deals with the change of status of building societies. The rule in this paragraph prevents the change of status from being a discontinuance of the building society’s trade for the purposes of CAA.
3471.The main rules about what is a discontinuance for the purposes of CAA are in section 577 of CAA (and sections 558 and 559 deal with, respectively, partnership changes and successions). This Act is drafted on the basis of a company starting or ceasing to carry on a trade etc, rather than on the basis of a trade etc commencing or being discontinued. So section 337(1)(a) of ICTA is not specially rewritten and there is no longer any rule that treats any event as the equivalent of the setting up, commencement or discontinuance of a trade etc. It follows that paragraph 3(1) of Schedule 12 to FA 1988 is no longer needed and this Act repeals it.