Section 824 | Transfer of business of building society to company

(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.