CIRD42140 - Intangible assets: company reorganisations: amalgamation of business of building societies, industrial and provident societies and co-operative associations

FA02/SCH29/PARA91

Scope

This paragraph applies to:

• Building societies.
• Registered industrial and provident societies within the meaning of ICTA88/S486.
• Co-operative associations that are treated in the same way as industrial and provident societies by ICTA88/S486 (1) and (8).

Effect

Where a chargeable intangible asset ( CIRD20035) is disposed of by one of the concerns mentioned above to another such concern in the course of or as part of an amalgamation or transfer of engagements, it passes on a tax neutral basis ( CIRD40300) for the purposes of Schedule 29.