{"id":4281,"date":"2024-02-09T13:35:33","date_gmt":"2024-02-09T13:35:33","guid":{"rendered":"https:\/\/magnumaccountancy.com\/?p=4281"},"modified":"2024-02-09T13:35:33","modified_gmt":"2024-02-09T13:35:33","slug":"consultation-on-loss-relief-changes-for-building-societies","status":"publish","type":"post","link":"https:\/\/magnumaccountancy.com\/consultation-on-loss-relief-changes-for-building-societies","title":{"rendered":"Consultation on loss relief changes for building societies"},"content":{"rendered":"
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\n<\/p>\n
\n <\/span>\n<\/p>\n If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to your online CPD record.<\/p>\n <\/p>\n \n<\/div>\n The Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (SI 2009\/2971)<\/a> provide for the tax consequences of transfers of business by mutual societies. This includes the use of losses on the transfer of a trade.\u00a0\u00a0<\/p>\n This measure updates the regulations to reflect the 2017 changes to the rules for relief for corporation tax losses. The intention is that it will restore the level playing field for post-April 2017 loss relief in equivalent situations, which involve transfers between companies including banks. It will apply retrospectively to transfers occurring from 1 January 2023.\u00a0<\/p>\n
\n The government is consulting on draft secondary legislation that applies to transfers of business by building societies. <\/p>\n