Taxes Consolidation Act 1997 Schedule 17 paragraph 1

Interpretation

Paragraph 1 sets out the key definitions used throughout Schedule 17, which deals with the tax treatment of transfers arising from the reorganisation of trustee savings banks.

• A "bank" means a trustee savings bank, a company controlled by the Minister for Finance, or both, depending on the context.
• A "successor" is the company to which property, rights, liabilities and obligations are transferred as part of a reorganisation.
• A "transfer" is the transfer of all or part of a trustee savings bank's property, rights, liabilities and obligations under an order made by the Minister for Finance under the Trustee Savings Banks Act 1989.
• A transfer can cover reorganisation of a trustee savings bank into a controlled or non-controlled company, or of a controlled company into a non-controlled company.