[F1127EAdjustment: cessation of tradingU.K.
If the farm company permanently ceases to carry on the farming trade before the end of the second consecutive accounting period following period X, step 3 in section 127D is to be replaced by the following two steps—
Step 3
Divide the amount deducted by virtue of step 2 by the number of accounting periods (“the remaining accounting periods”) in which, or in any part of which, the farm company carried on the farming trade, starting with period X.
Step 4
In calculating the profits for each of the remaining accounting periods, include the amount resulting from the division in step 3.]
Textual Amendments
F1Ch. 8A inserted (1.3.2012) (with effect in accordance with art. 12 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 10