Version Superseded: 01/04/2009
Point in time view as at 06/04/2005. This version of this provision has been superseded.
Income and Corporation Taxes Act 1988, Section 337 is up to date with all changes known to be in force on or before 13 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)Where a company begins or ceases—
(a)to carry on a trade, or
(b)to be within the charge to corporation tax in respect of a trade,
the company’s income shall be computed [F1for the purposes of corporation tax] as if that were the commencement or, as the case may be, the discontinuance of the trade, whether or not the trade is in fact commenced or discontinued.
(2)Subsection (1) applies to a Schedule A business or overseas property business [F2(within the meaning given by section 70A(4))] as it applies to a trade.
Textual Amendments
F1Words in s. 337(1) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 145(2) (with Sch. 2)
F2Words in s. 337(2) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 145(3) (with Sch. 2)
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