Part 22 Miscellaneous provisions

Chapter 1 Transfers of trade without a change of ownership

Effect of Chapter in relation to transfers to which it applies

944 Modified application of section 45
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 944(1)(2) omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 64(3)
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) If this Chapter applies to a transfer of a trade, relief under section 45 (carry forward of pre-1 April 2017 trade loss against subsequent trade profits) is given to the successor in relation to a loss—
(a) which is made by the predecessor in the transferred trade, and
(b) for which relief would have been given under that section to the predecessor had it continued to carry on that trade.
Words in s. 944(3) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 64(4)(a)
Words in s. 944(3) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 64(4)(b)
(4) Subsection (3) is subject to—
(a) any claim made by the predecessor under section 37 (including a case where section 42 applies), and
(ab) any claim made by the predecessor under section 45F in reliance on subsection (2) of section 944C,
S. 944(4)(ab) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 64(5)
(b) section 945.
Words in s. 944 heading substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 64(2)
Pt. 22 Ch. 1 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 19 (with ss. 15(1), 16(1), 17)