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Finance Act 1986
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- UK Public General Acts
- 1986 c. 41
- SCHEDULE 10
- Paragraph 1
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1(1)Section 252 of the Taxes Act (company reconstructions without change of ownership) shall be amended as follows.
(2)After subsection (3) (successor entitled to carry forward predecessor's loss) there shall be inserted—
“(3A)But where the amount of relevant liabilities exceeds the value of relevant assets, the successor shall be entitled to relief by virtue of subsection (3) above only if, and only to the extent that, the amount of that excess is less than the amount mentioned in that subsection.”
(3)In subsection (8) (apportionment of receipts or expenses in case of partial change) for the words from "any", in the second place where it occurs, to the end there shall be substituted "such apportionments of receipts, expenses, assets or liabilities shall be made as may be just."
(4)In subsection (9) (determination of manner of apportionment) for "sum" in each place where it appears there shall be substituted "item".
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