Point in time view as at 14/02/2012.
Transport Act 2000, Paragraph 13 is up to date with all changes known to be in force on or before 09 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.
13(1)This paragraph applies if a transfer scheme provides for a relevant transfer as a result of which the transferor ceases to carry on a trade and the transferee begins to carry it on.U.K.
(2)A transferor treated as ceasing to carry on a trade for the purposes of [F1Chapter 1 of Part 22 of the Corporation Tax Act 2010 (transfers of trade without a change of ownership) ] is to be so treated for the purposes of this paragraph.
(3)A transferee treated as beginning to carry on a trade for the purposes of [F2that Chapter] is to be so treated for the purposes of this paragraph.
(4)Sub-paragraph (5) applies if the transfer will result in the transferee being entitled to relief for an amount in respect of the trade [F3under section 45 of the Corporation Tax Act 2010 (carry forward of trading losses) by virtue of section 944(3) of that Act].
(5)In such a case the scheme may provide that the amount is to be treated as such amount (the replacement amount) as is specified in or determined in accordance with the scheme.
(6)Sub-paragraph (7) applies if the trade concerned is in fact part of a trade of the transferor and the transferor is entitled to relief for an amount under [F4section 45 of the Corporation Tax Act 2010] in respect of the part retained.
(7)In such a case the scheme may provide that the amount is to be treated as such amount (the replacement amount) as is specified in or determined in accordance with the scheme.
(8)A provision under sub-paragraph (5) or (7) must be such that the replacement amount is not greater than the amount it replaces; and the replacement amount may be nil.
(9)When the scheme comes into force a provision made under sub-paragraph (5) or (7) is to have effect for the purposes of arriving at the amount of relief concerned.
Textual Amendments
F1Words in Sch. 7 para. 13(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 321(3)(a) (with Sch. 2)
F2Words in Sch. 7 para. 13(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 321(3)(b) (with Sch. 2)
F3Words in Sch. 7 para. 13(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 321(3)(c) (with Sch. 2)
F4Words in Sch. 7 para. 13(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 321(3)(d) (with Sch. 2)
Commencement Information
I1Sch. 7 paras. 1-20 wholly in force at 1.2.2001, see s. 275(1) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)
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