Energy Act 2004

Computation of profits and losses: transfer of trade U.K.

27 (1) This paragraph applies where, in consequence of a section 39 scheme— U.K.

(a) a BNFL company ceases to carry on a trade or a part of a trade; and

(b) a publicly owned company that is not a subsidiary of the NDA (the “transferee company”) begins to carry on the trade or that part.

(2) For the purpose of computing, in relation to the time when the scheme comes into force and subsequent times, the relevant trading profits or losses of the BNFL company and the transferee company—

(a) the trade or part is to be treated as having been a separate trade at the time of its commencement and as having been carried on by the transferee company at all times since its commencement as a separate trade; and

(b) the trade carried on by the transferee company after the time when the section 39 scheme comes into force is to be treated as the same trade as that which it is treated, by virtue of paragraph (a), as having carried on as a separate trade before that time.

(3) This paragraph is subject to paragraph 23.

(4) In this paragraph—

• “BNFL company” means BNFL or a wholly-owned subsidiary of BNFL; and

• “relevant trading profits and losses” means profits or losses [F1 under Part 3 of the Corporation Tax Act 2009 in respect of the trade or part of a trade in question for periods in which the trade was carried on wholly or partly in the United Kingdom.]

Textual Amendments

F1 Words in Sch. 9 para. 27(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 586(8) (with Sch. 2 Pts. 1, 2)

Commencement Information

I1 Sch. 9 para. 27 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1