Part 2 U.K. Trading income

Chapter 18 U.K. Post-cessation receipts

Modifications etc. (not altering text)

C1 Pt. 2 Ch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 2(3)(a)

Meaning of “post-cessation receipts” U.K.

247 Other rules about what counts as post-cessation receipts U.K.

(1) The following provisions treat certain amounts as post-cessation receipts for the purposes of this Part—

• section 82(6) (contributions to local enterprise organisations or urban regeneration companies),

• section 104(3) (distribution of assets of mutual concerns),

• section 109(2) (receipt by donor or connected person of benefit attributable to certain gifts),

• section 185(1) (election for valuation at cost),

• section 248 (debts paid after cessation),

• section 249 (debts released after cessation), as qualified, where appropriate, by section 48(4) (car F1 ... hire),

• section 250 (receipts relating to post-cessation expenditure),

• section 251 (transfer of rights if transferee does not carry on trade), and

• section 844 (income charged on withdrawal of relief after source ceases: unremittable income).

(2) Section 98 (acquisition of trade: receipts from transferor's trade) and section 251 (transfer of rights if transferee does not carry on trade) treat certain amounts as not being post-cessation receipts for the purposes of this Part.

Textual Amendments

F1 Words in s. 247(1) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 40