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Article 53 Meaning of “financial trading stock” in relation to a building societyI1

United Kingdom

In paragraph 2(3) of Schedule 12 to the Finance Act 1988 (meaning of “financial trading stock” in relation to a building society)f1 for the words from “such of the assets” to the end substitute

  • “those assets held by the society that—

    1. (a)

      are of such proportion and composition as will enable it at all times to meet its liabilities as they arise, and

    2. (b)

      constitute trading stock for the purposes of section 100 of the Taxes Act 1988f2.”.

Annotations

Commencement

I1

Art. 53 in force at 1.12.2001, see art. 1(2)(a)

Footnotes

f1

Paragraph 2(3) was amended by section 45(2) of the Building Societies Act 1997 (c. 32).

f2

The reference is to section 100 of the Income and Corporation Taxes Act 1988 which was amended by section 140 of the Finance Act 1995 and section 46(3) of, and paragraph 1 of Schedule 7 to, the Finance Act 1988.