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Income Tax (Trading and Other Income) Act 2005
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572(1)Amend section 559 (effect of successions) as follows.U.K.
(2)In subsection (1) for paragraph (b) substitute—
“(b)the following condition is met.”
(3)After that subsection insert—
“(1A)The condition is that—
(a)all of the persons carrying on the relevant activity before the succession permanently cease to carry it on, or
(b)the relevant activity is treated under section 18 or 362 of ITTOIA 2005 as permanently ceasing to be carried on by a company or treated as discontinued under section 337(1) of ICTA (companies beginning or ceasing to carry on trade etc.).”
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