|
|
| |
| | |
|
| (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 |
|
| |
| (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 |
|
| |
| (i) | references in those provisions to the settlement |
|
| are to be read as references to the acquiring |
|
| settlement (within the meaning of section |
|
| |
| (ii) | references in those provisions to C are to be read |
|
| as references to the company mentioned in section |
|
| |
| 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— |
|
| |
| (i) | in subsection (4)(b), for the words from “at the time of the |
|
| disposal” to the end there were substituted “(see sections |
|
| |
| (ii) | subsection (4)(c)(ii) (and the “and” before it) were |
|
| |
| (iii) | subsections (4A) and (7) were omitted, |
|
| |
| (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, |
|
| |
| (i) | in subsection (1) the words “, after the end of the tax year |
|
| following the tax year in which the acquisition occurs, |
|
| |
| (ii) | for subsection (2) there were substituted— |
|
| “(2) | A “disqualifying event” occurs in relation to the |
|
| |
| (a) | at any time after that tax year— |
|
| (i) | C ceases to meet the trading requirement, |
|
| |
| (ii) | the settlement ceases to meet the |
|
| controlling interest requirement, or |
|
| (b) | at any time after the acquisition— |
|
|
| |
|
|
| |
| | |
|
| (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 |
|
| |
| (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” |
|
|
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 |
|
|
“(aa) | a society registered as a credit union under the Credit |
|
Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 |
|
|
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 |
|
|
|
|
|
| |
| | |
|
| 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. |
|
| |
| (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. |
|
| |
| (d) | an SCE formed in accordance with Council |
|
| Regulation (EC) No 1435/2003 on the Statute for a |
|
| European Cooperative Society.”. |
|
|
| |
|
|
| |
| | |
|
| 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 |
|
| |
| (d) | an SCE formed in accordance with Council Regulation |
|
| (EC) No 1435/2003 on the Statute for a European |
|
| |
| 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”. |
|
| |
| 15 | The amendments made by this Schedule come into force on 1 August |
|
| |
|
| |