Modifications etc. (not altering text)
C1Sch. 2 Pt. I modified (retrospectively) by 1996 c. 8, s. 203(1)
12(1)This paragraph applies where a trade carried on by a subsidiary of a milk marketing board is transferred under section 11 above to more than one qualifying body (“the successor bodies”).U.K.
(2)There shall be apportioned between the successor bodies—
(a)the unallowed tax losses of the subsidiary, and
(b)any expenditure incurred by the subsidiary before the date of the transfer and by reference to which capital allowances may be made.
(3)The apportionment under sub-paragraph (2) above shall be made in such manner as is just and reasonable having regard—
(a)to the extent to which the losses and expenditure mentioned in that sub-paragraph are attributable to the different parts of the trade transferred, and
(b)as respects the apportionment of such expenditure, to the division of the subsidiary’s assets between the successor bodies.
(4)In this paragraph, “unallowed tax losses” means—
(a)any losses which, as at the end of the last complete accounting period of the subsidiary ending before the date of the transfer under section 11 above, are losses which under section 393(1) of the Income and Corporation Taxes Act 1988 are or, if a claim had been made under that subsection, would be available for relief against the subsidiary’s trading income for the next accounting period, and
(b)any allowances which, as at the end of the last accounting period of the subsidiary ending before that date, are allowances which, under section 145(2) of the Capital Allowances Act 1990, are available for carry forward to the next accounting period.