- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2010)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 06/04/2010.
Corporation Tax Act 2010, Section 941 is up to date with all changes known to be in force on or before 15 August 2024. 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.
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(1)The ownership condition is that—
(a)on the transfer of the transferred trade or at some time during the period of two years beginning immediately after the transfer, a 75% interest in the transferred trade belongs to certain persons, and
(b)at some time during the period of one year ending immediately before the transfer, a 75% interest in the transferred trade belonged to the same persons.
(2)In subsection (1) references to a 75% interest are to an interest amounting to a share of at least 75%.
(3)If at any time the activities of the transferred trade are actually included in the activities of another trade, for the purposes of subsection (1) interests in the transferred trade at that time are determined by reference to interests in the other trade.
(4)Accordingly, a person who has an interest in the other trade at that time is taken to have a corresponding interest in the transferred trade.
(5)For the purposes of this section—
(a)if two or more companies carry on a trade, the interests in the trade belonging to them are taken to correspond to the shares of the trade's profits to which they are entitled, and
(b)an interest in a trade belonging to trustees (otherwise than for charitable or public purposes) is treated as belonging to the persons for the time being entitled to the income under the trust.
(6)If a company is carrying on a trade, the interest in the trade belonging to the company may be treated in accordance with any of the options set out in section 942(1) if that results in the ownership condition being met.
(7)In determining for the purposes of this section the extent to which an interest in a trade belongs at different times to the same persons—
(a)the persons from time to time entitled to the income under a trust are treated as a single person, and
(b)persons who are relatives of one another are treated as a single person.
(8)In subsection (7) “relative” means spouse, civil partner, ancestor, lineal descendant, brother or sister.
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