Part 22U.K.Miscellaneous provisions

Chapter 1U.K.Transfers of trade without a change of ownership

Modifications etc. (not altering text)

C1 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)

Effect of Chapter in relation to transfers to which it appliesU.K.

944Modified application of [F1section 45] U.K.

F2(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)[F3If this Chapter applies to a transfer of a trade, relief] under section 45 (carry forward of [F4pre-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.

(4)Subsection (3) is subject to—

(a)any claim made by the predecessor under section 37 (including a case where section 42 applies), and

[F5(ab)any claim made by the predecessor under section 45F in reliance on subsection (2) of section 944C,]

(b)section 945.

Textual Amendments

F1Words 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)

F2S. 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)

F3Words 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)

F4Words 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)

F5S. 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)