3.Paragraph 1 introduces subsection 2E into section 393A ICTA 1988 and provides that subsection 2A of section 393A ICTA 1988 does not apply where two criteria are satisfied. Those criteria being:
a trade ceases by virtue of its transfer to a person or persons outside the scope of Corporation tax; and
the transfer is part of a scheme or arrangement the main purpose or one of the main purpose of which is to gain access to ‘terminal loss relief’.
4.Paragraph 2 provides that the amendment made by paragraph 1 has effect in relation to cessations of trade on or after 21 May 2009.