Part 22

Miscellaneous provisions
Chapter 1

Transfers of trade without a change of ownership

Introduction

Meaning of “transfer of a trade” and related expressions
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1
This section applies for the purposes of this Chapter.
2
If, on a company ceasing to carry on a trade, another company begins to carry it on, there is a transfer of a trade.
3
The trade that is transferred is referred to in this Chapter as “the transferred trade”.
4
In relation to a transfer of a trade—
- “the predecessor” means the company which ceases to carry on the trade, and
- “the successor” means the company which begins to carry on the trade.
5
In this Chapter, except in so far as the context otherwise requires—
a
references to a trade include an office, and
b
references to carrying on a trade include holding an office.