House of Commons Amendments

Session 2014 - 15
Internet Publications
Other Bills before Parliament

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(4)
Such adjustments must be made in relation to any person,

whether by the making of assessments or otherwise, as are

required to give effect to subsection (3) (regardless of any

limitation on the time within which any adjustment may be

made).

(5)
“Disqualifying event” is to be construed in accordance with

subsections (2), (6) and (7) of section 236NA except that—

(a)
references in those subsections to the disposal are to be

read as references to the deemed disposal, and

(b)
in applying sections 236I to 236O and 236R for this

purpose—

(i)
references in those provisions to the settlement

are to be read as references to the acquiring

settlement (within the meaning of section

236P(1)), and

(ii)
references in those provisions to C are to be read

as references to the company mentioned in section

236P(1)(b).”

Page 570, line 17, leave out “The” and insert “Subject to paragraph 2A, the”

Page 570, line 18, at end insert—

“2A
In relation to disposals made on or after 6 April 2014 but before 26 June

2014, TCGA 1992 has effect as if—

(a)
in section 236H—

(i)
in subsection (4)(b), for the words from “at the time of the

disposal” to the end there were substituted “(see sections

236J to 236L)”,

(ii)
subsection (4)(c)(ii) (and the “and” before it) were

omitted, and

(iii)
subsections (4A) and (7) were omitted,

(b)
in section 236N—

(i)
in subsection (A1), for “Conditions A and B are” there

were substituted “Condition A is”, and

(ii)
subsection (1A) were omitted,

(c)
section 236NA were omitted,

(d)
in section 236O—

(i)
in subsection (1) the words “, after the end of the tax year

following the tax year in which the acquisition occurs,

when” were omitted,

(ii)
for subsection (2) there were substituted—

“(2)
A “disqualifying event” occurs in relation to the

acquisition if and when—

(a)
at any time after that tax year—

(i)
C ceases to meet the trading requirement,

or

(ii)
the settlement ceases to meet the

controlling interest requirement, or

(b)
at any time after the acquisition—

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(i)
the settlement ceases to meet the all-

employee benefit requirement,

(ii)
the participator fraction exceeds 2/5, or

(iii)
the trustees act in a way which the trusts,

as required by the all-employee benefit

requirement, do not permit.”, and

(iii)
in subsection (3) for “before” there were substituted

“after”,

(e)
section 236P(7) were omitted, and

(f)
section 236PA were omitted.”

Page 575, line 36, leave out “day of the disposal mentioned in section 236H(1)” and

insert “time in question”

Page 582, line 9, leave out “date of the disposal mentioned in section 236H(1)” and

insert “time in question”
After Schedule 34
Insert the following new Schedule—
“Taxation of co-operative societies etc
Taxation of Chargeable Gains Act 1992 (c. 12)
1
In section 217D of TCGA 1992 (disposal of assets on union,
amalgamation or transfer of engagements), in subsection (3), after
paragraph (a) insert—
“(aa)
a society registered as a credit union under the Credit
Unions (Northern Ireland) Order 1985 (S.I. 1985/1205
(N.I. 12)),”.
Co-operative and Community Benefit Societies Act 2014 (c. 14)
2
Schedule 4 to the Co-operative and Community Benefit Societies Act
2014 (consequential amendments) is amended as follows.
3
In paragraph 47 (which amends section 140E of TCGA 1992)—
(a)
in sub-paragraph (2), after “Co-operative and Community
Benefit Societies Act 2014” insert “or a society registered or
treated as registered under the Industrial and Provident Societies
Act (Northern Ireland) 1969”, and
(b)
in sub-paragraph (3), after “Co-operative and Community
Benefit Societies Act 2014” insert “, a society registered or treated
as registered under the Industrial and Provident Societies Act
(Northern Ireland) 1969”.
4
In paragraph 48 (which amends section 140F of TCGA 1992) after “Co-
operative and Community Benefit Societies Act 2014” insert “or a society
registered or treated as registered under the Industrial and Provident
Societies Act (Northern Ireland) 1969”.
5
In paragraph 49 (which amends section 140G of TCGA 1992) after “Co-
operative and Community Benefit Societies Act 2014” insert “or a society

66

registered or treated as registered under the Industrial and Provident

Societies Act (Northern Ireland) 1969”.

6
In paragraph 50 (which amends section 170 of TCGA 1992)—

(a)
in sub-paragraph (2), for “within the meaning of the Co-

operative and Community Benefits Societies Act 2014” substitute

“(see section 1119 of that Act)”, and

(b)
in sub-paragraph (3), for “within the meaning of the Co-

operative and Community Benefits Societies Act 2014” substitute

“(see section 1119 of CTA 2010)”.

7
In paragraph 53 (which amends Schedule 7AC of TCGA 1992) for

“within the meaning of the Co-operative and Community Benefits

Societies Act 2014” substitute “(see section 1119 of that Act)”.

8
In paragraph 82 (which amends paragraph 28 of Schedule 2 to ITEPA

2003), in the sub-paragraph (5) substituted by sub-paragraph (3)—

(a)
omit the “or” following paragraph (b), and

(b)
at the end of paragraph (c) insert “, or

(d)
an SCE formed in accordance with Council

Regulation (EC) No 1435/2003 on the Statute for a

European Cooperative Society.”.

9
In paragraph 94 (which amends section 379 of ITTOIA 2005), in the

definition of “registered society” inserted by sub-paragraph (4)—

(a)
omit the “or” following paragraph (a), and

(b)
after paragraph (b) insert—

“(c)
a society registered as a credit union under the

Credit Unions (Northern Ireland) Order 1985 (S.I.

1985/1205 (N.I. 12)), or

(d)
an SCE formed in accordance with Council

Regulation (EC) No 1435/2003 on the Statute for a

European Cooperative Society,”.

10
In paragraph 105 (which amends section 151 of ITA 2007), in the

definition of “registered society” inserted by sub-paragraph (3)—

(a)
omit the “or” following paragraph (a), and

(b)
at the end of paragraph (b) insert “or

(c)
an SCE formed in accordance with Council

Regulation (EC) No 1435/2003 on the Statute for a

European Cooperative Society,”.

11
In paragraph 110 (which amends section 887 of ITA 2007), in the

subsection (5) substituted by sub-paragraph (5)—

(a)
omit the “or” following paragraph (a), and

(b)
after paragraph (b) insert—

“(c)
a society registered as a credit union under the

Credit Unions (Northern Ireland) Order 1985 (S.I.

1985/1205 (N.I. 12)), or

(d)
an SCE formed in accordance with Council

Regulation (EC) No 1435/2003 on the Statute for a

European Cooperative Society.”.

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12
In paragraph 158 (which amends section 90 of CTA 2010), in the

definition of “registered society” inserted by sub-paragraph (3)—

(a)
omit the “or” following paragraph (a), and

(b)
at the end of paragraph (b) insert “or

(c)
an SCE formed in accordance with Council

Regulation (EC) No 1435/2003 on the Statute for a

European Cooperative Society,”.

13
In paragraph 168 (which amends section 1119 of CTA 2010), in the

definition of “registered society” inserted by sub-paragraph (3), for

paragraph (c) and the “or” before it substitute—

“(c)
a society registered as a credit union under the Credit

Unions (Northern Ireland) Order 1985 (S.I. 1985/1205

(N.I. 12)), or

(d)
an SCE formed in accordance with Council Regulation

(EC) No 1435/2003 on the Statute for a European

Cooperative Society,”.

14
In paragraph 171 (which amends section 118 of TIOPA 2010)—

(a)
in sub-paragraph (2), after “Co-operative and Community

Benefit Societies Act 2014” insert “or a society registered or

treated as registered under the Industrial and Provident Societies

Act (Northern Ireland) 1969”, and

(b)
in sub-paragraph (3), after “Co-operative and Community

Benefit Societies Act 2014” insert “, a society registered or treated

as registered under the Industrial and Provident Societies Act

(Northern Ireland) 1969”.

Commencement

15
The amendments made by this Schedule come into force on 1 August

2014.”

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