SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Capital Allowances Act 2001 (c. 2)
495
1
Amend section 263 (qualifying activities carried on in partnership) as follows.
2
For subsection (1)(c) substitute—
c
if the qualifying activity is a trade or property business, the condition in subsection (1A) or (1B) (whichever is appropriate) is met.
3
For subsection (1A) substitute—
1A
For income tax purposes, the condition is that a person carrying on the trade or property business immediately before the change continues to carry it on after the change.
1B
For corporation tax purposes, the condition is that a company carrying on the trade or property business in partnership immediately before the change continues to carry it on in partnership after the change.