This Statutory Instrument has been made in consequence of a defect in S.I. 2009/2971 and is being issued free of charge to all known recipients of that Statutory Instrument.
Statutory Instruments
2011 No. 37
Taxes
The Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2011
Made
11th January 2011
Laid before the House of Commons
12th January 2011
Coming into force
2nd February 2011
The Treasury make the following Regulations in exercise of the powers conferred by section 124 of the Finance Act 2009( 1 ).
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2011 and shall come into force on 2nd February 2011.
(2) These Regulations shall have effect in relation to any relevant transfer which takes place on or after 2nd February 2011.
Interpretation
2. In these Regulations “relevant transfer” has the same meaning as in the Mutual Societies (Transfers of Business) (Tax) Regulations 2009( 2 ).
Amendment of Regulation 17 of the Mutual Societies (Transfers of Business) (Tax) Regulations 2009
3. —(1)The Mutual Societies (Transfers of Business) (Tax) Regulations 2009 are amended as follows.
(2) In regulation 17 (transfer of an asset – taxation of chargeable gains – company ceasing to be a member of group) omit “as a consequence of the relevant transfer”.
Michael Fabricant
Jeremy Wright
Two of the Lords Commissioners for Her Majesty’s Treasury
11th January 2011