(1)Subject to subsection (2) below, the successor company shall be treated for all purposes of corporation tax and development land tax as if it were the same person as British Aerospace.
(2)The successor company shall not by virtue of subsection (1) above be regarded as a body falling within section 272(5) of the [1970 c. 10.] Income and Corporation Taxes Act 1970 (bodies established for carrying on industries or undertakings under national ownership or control).