Corporation Tax Act 2009

495 (1) Amend section 263 (qualifying activities carried on in partnership) as follows. U.K.

(2) For subsection (1)(c) substitute—

“(c) if the qualifying activity is a trade or property business, the condition in subsection (1A) or (1B) (whichever is appropriate) is met.”

(3) For subsection (1A) substitute—

“(1A) For income tax purposes, the condition is that a person carrying on the trade or property business immediately before the change continues to carry it on after the change.

(1B) For corporation tax purposes, the condition is that a company carrying on the trade or property business in partnership immediately before the change continues to carry it on in partnership after the change.”