Section 824 — Corporation Tax Act 2009: Transfer of business of building society to company

Transfer of business of building society to company 824 1 This section applies if—

a there is a transfer of the whole of a building society's business to a company (“ the successor company ”) in accordance with section 97 and the other applicable provisions of the Building Societies Act 1986 (c. 53),

b the transfer includes intangible fixed assets, c those assets are chargeable intangible assets in relation to the society immediately before the transfer, and d those assets are chargeable intangible assets in relation to the successor company immediately after the transfer.

2 The transfer of those assets is tax-neutral for the purposes of this Part.

3 For the application of sections 780 and 785 in cases where this section applies, see section 825.

4 In that section “ the successor company ” has the same meaning as in this section.