Section 217A | Transfer of assets on incorporation of registered friendly society. ^F1

(1)This section and section 217B apply where a registered friendly society is incorporated under the Friendly Societies Act 1992 (“the 1992 Act").^F1

(2)In this section and section 217B—^F1

(a)“the registered society” means the society before the incorporation, and^F1

(b)“the incorporated society” means the society after the incorporation.^F1

(3)For the purposes of corporation tax on chargeable gains—^F1

(a)any asset of the registered society that by virtue of section 6(2) or (3) of the 1992 Act is transferred to the incorporated society,^F1

(b)any asset of a branch of the registered society that by virtue of section 6(4) of the 1992 Act is transferred to the incorporated society, and^F1

(c)any asset of a branch of the registered society that is identified in a scheme under section 6(5) of the 1992 Act,^F1

shall be taken to be disposed of by the registered society or branch and acquired by the incorporated society on the incorporation for a consideration of such amount as to secure that on the disposal neither a gain nor a loss accrues to the registered society or branch.