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Corporation Tax Act 2010

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This is the original version (as it was originally enacted).

Introduction

938Overview of Chapter

(1)This Chapter contains rules for cases where a trade is transferred between companies within the charge to tax and certain conditions as to common ownership of the trade are met.

(2)Section 939 explains when there is a transfer of a trade for the purposes of this Chapter.

(3)Sections 940 to 943 contain provision about when this Chapter applies to a transfer of a trade.

(4)Sections 944 to 950 set out the effects of this Chapter in relation to a transfer to which it applies.

(5)Sections 951 to 953 contain supplementary provision.

939Meaning of “transfer of a trade” and related expressions

(1)This section applies for the purposes of this Chapter.

(2)If, on a company ceasing to carry on a trade, another company begins to carry it on, there is a transfer of a trade.

(3)The trade that is transferred is referred to in this Chapter as “the transferred trade”.

(4)In relation to a transfer of a trade—

  • the predecessor” means the company which ceases to carry on the trade, and

  • the successor” means the company which begins to carry on the trade.

(5)In this Chapter, except in so far as the context otherwise requires—

(a)references to a trade include an office, and

(b)references to carrying on a trade include holding an office.

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