Draft regulations: amendment to The Mutual Societies (Transfers of Business) (Tax) Regulations 2009
Detail of outcome
Responses to this consultation contributed to the laying of the Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2024.
You can also read a tax information and impact note on GOV.UK.
Original consultation
Consultation description
The Mutual Societies (Transfers of Business) (Tax) Regulations 2009 contain rules for the tax consequences of transfers of business by building societies, including in respect of the use of losses on the transfer of a trade.
In 2017, Corporation Tax loss reform introduced major changes to the use of losses. The amendments proposed in these draft regulations would update the current rules for building societies to reflect changes made as part of Corporation Tax loss reform in connection with transfers of trade and the use of losses. This includes greater flexibility for the offset of post-1 April 2017 trade losses, subject to some restrictions in the first 5 years after the transfer of business.
It is proposed that the amendments apply retrospectively to transfers of business by building societies occurring from 1 January 2023.
Before submitting your response, you can read these publications:
- (draft) The Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2024
- (draft) tax information and impact note
Documents
Last updated 24 April 2024 + show all updates
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Published outcome, including link to final regulations and a tax information and impact note.
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First published.