[F1269CLWhen a company first begins to carry on relevant regulated activitiesU.K.
(1)For the purposes of this Chapter, a company first begins to carry on a relevant regulated activity on a particular day if the company—
(a)begins to carry on a relevant regulated activity on that day, and
(b)has not carried on any relevant regulated activity before that day.
This is subject to subsection (2).
(2)Where—
(a)there is a transfer of a trade, and
(b)immediately before the transfer the predecessor carried on a relevant regulated activity,
the successor is to be treated as having first begun to carry on a relevant regulated activity on the day on which the predecessor first began to carry on such an activity.
(3)Section 940B (meaning of “transfer of a trade” etc) applies for the purposes of this section as it applies for the purposes of Chapter 1 of Part 22.]
Textual Amendments
F1Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1