SCHEDULE 22MISCELLANEOUS RELIEFS

Friendly societies relief

I111

1

A land transaction is relieved from tax if it is effected by or in consequence of—

a

an amalgamation of two or more registered societies under section 82 of the Friendly Societies Act 1974 (c. 46) (the “"1974 Act””) (amalgamation and transfer of engagements),

b

a transfer of engagements under that section,

c

an amalgamation of two or more friendly societies under section 85 of the Friendly Societies Act 1992 (c. 40) (the “"1992 Act””) (amalgamation of friendly societies),

d

a transfer of the engagements of a friendly society under section 86 of the 1992 Act (transfer of engagements by or to friendly society), or

e

a transfer of the engagements of a friendly society pursuant to a direction given by the appropriate authority under section 90 of the 1992 Act (power of appropriate authority to effect transfer of engagement).

2

In this paragraph—

  • “"appropriate authority”” (“"awdurdod priodol”") has the meaning given by section 119 of the 1992 Act;

  • “"friendly society”” (“"cymdeithas gyfeillgar”") has the meaning given by section 116 of the 1992 Act;

  • ““registered””(““cofrestredig””) in relation to a society, has the meaning given by section 111 of the 1974 Act.