TCGA92/S216, TCGA92/S217 (5)

TCGA92/S216 applies where a society transfers the whole of its business to a successor company in accordance with Section 97 and the other applicable provisions of the Building Societies Act 1986. Broadly, the effects of the section are as follows.

To allow assets to be transferred at no gain/no loss between the society and the successor company where they are not members of the same group at the time of transfer, Section 216(2)(a).

To prevent TCGA92/S178 and TCGA92/S179 from applying as respects certain assets where

any company ceases to be a member of the same group as the society because of the transfer, Section 216(2)(b)

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