Revenue Note for Guidance
CHAPTER 3
Trustee savings banks
Overview
This Chapter and Schedule 17 facilitate both the amalgamation of 2 or more trustee savings banks and the reorganisation of trustee savings banks into companies without imposing adverse tax consequences.
704 Amalgamation of trustee savings banks
Where 2 or more trustee savings banks amalgamate under the Trustee Savings Banks Act 1989, those banks are treated for tax purposes as if they were the same person. The amalgamation is effectively ignored for tax purposes.
Relevant Date: Finance Act 2021