Part 22

Miscellaneous provisions
Chapter 1

Transfers of trade without a change of ownership

Supplementary

Apportionment if part of trade treated as separate trade
952
1
If part of a trade is treated as a separate trade in accordance with section 951(2), (4) or (8), just and reasonable apportionments are to be made of receipts, expenses, assets and liabilities.
2
Subsection (3) applies if—
a
at the time of an apportionment under subsection (1) it appears that the apportionment is material to the liability to tax (for whatever period) of two or more companies, and
b
a question arises as to how the apportionment is to be made for the purposes of the liability of those companies.
3
The question is to be determined in the same way as an appeal, and all the companies concerned are entitled to be a party to the proceedings.
Words in s. 952(1) 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. 68
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)
Pt. 22 Ch. 1 modified (15.5.2024) by S.I. 2009/2971, reg. 4(20) (as inserted by The Mutual Societies (Transfers of Business) (Tax) (Amendment) Regulations 2024 (S.I. 2024/555), regs. 1(1), 2(2)(c) (with reg. 1(2)-(5)))