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Income Tax (Trading and Other Income) Act 2005
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- UK Public General Acts
- 2005 c. 5
- SCHEDULE 1
- Part 1
- Paragraph 302
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302In section 731 (application and interpretation of sections 732 to 734: purchase and sale of securities)—
(a)in subsection (7) after “set up and commenced” insert “, or when a trade is subject to a relevant change,”, and
(b)after that subsection insert—
“(7A)For the purposes of subsection (7) above a trade is subject to a relevant change—
(a)when there is a change in the persons carrying on the trade which involves all of the persons carrying it on before the change permanently ceasing to carry it on, or
(b)when a company starts to be within the charge to income tax under Chapter 2 of Part 2 of ITTOIA 2005 in respect of the trade.”
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