947Rules for determining “A”U.K.
(1)Subsections (2) to (4) apply for the purposes of section 945(3)(a) (determination of assets within “A”).
(2)An asset is to be ignored if—
(a)the predecessor was the predecessor on a previous application of this Chapter, and
(b)on that previous application of this Chapter the asset was apportioned under section 952 to a trade carried on by the company that was the successor on that application.
(3)The value of an asset is to be taken to be the price which it might reasonably be expected to have fetched on a sale in the open market immediately before the transfer of the transferred trade.
(4)If immediately before the transfer of a trade—
(a)the predecessor has relevant loan stock (as defined by section 946(8)) that is not included in L, and
(b)the stock is secured on an asset of the predecessor that is not transferred to the successor on the transfer of the trade,
the value of the asset is reduced by the amount of the liability.
(5)Subsection (6) applies for the purposes of section 945(3)(b) (determination of consideration within “A”).
(6)If the successor assumes a liability of the predecessor, that does not count as giving consideration.