- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
There are currently no known outstanding effects for the Income Tax Act 2007, Section 257MN.
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(1)There must not be a time in the shorter applicable period when—
(a)the chosen trade, or
(b)relevant preparation work,
is carried on by a person who is neither the social enterprise nor a 90% social subsidiary of the social enterprise.
(2)If relevant preparation work is carried out in the shorter applicable period by the social enterprise or a 90% social subsidiary of the social enterprise then, for the purposes of determining whether the requirement in subsection (1) is met, ignore any carrying-on of the chosen trade that takes place in that period before the trade begins to be carried on by a person who is the social enterprise or a 90% social subsidiary of the social enterprise.
(3)The requirement in subsection (1) is not regarded as failing to be met if, merely because of any act or event within subsection (4), the chosen trade—
(a)ceases to be carried on in the shorter applicable period by the social enterprise or any 90% social subsidiary of the social enterprise, and
(b)it is subsequently carried on in that period by a person who is not any time in the longer applicable period connected with the social enterprise.
(4)The acts and events within this subsection are—
(a)anything done as a consequence of the social enterprise or any other company being in administration or receivership, and
(b)the social enterprise or any other company being wound up, or dissolved without being wound up.
(5)Subsection (4) applies only if—
(a)the entry into administration or receivership, and everything done as a consequence of the company concerned being in administration or receivership, or
(b)the winding-up or dissolution,
is for genuine commercial reasons, and is not part of any arrangements the main purpose or one of the main purposes of which is the avoidance of tax.
(6)This section does not apply if the social enterprise is an accredited social impact contractor.]
Textual Amendments
F1Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1
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