495(1)Amend section 263 (qualifying activities carried on in partnership) as follows.U.K.
(2)For subsection (1)(c) substitute—
“(c)if the qualifying activity is a trade or property business, the condition in subsection (1A) or (1B) (whichever is appropriate) is met.”
(3)For subsection (1A) substitute—
“(1A)For income tax purposes, the condition is that a person carrying on the trade or property business immediately before the change continues to carry it on after the change.
(1B)For corporation tax purposes, the condition is that a company carrying on the trade or property business in partnership immediately before the change continues to carry it on in partnership after the change.”