337 Company beginning or ceasing to carry on tradeU.K.
(1)Where a company begins or ceases—
(a)to carry on a trade, or
(b)to be within the charge to corporation tax in respect of a trade,
the company’s income shall be computed [F1for the purposes of corporation tax] as if that were the commencement or, as the case may be, the discontinuance of the trade, whether or not the trade is in fact commenced or discontinued.
(2)Subsection (1) applies to a Schedule A business or overseas property business [F2(within the meaning given by section 70A(4))] as it applies to a trade.
Textual Amendments
F1Words in s. 337(1) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 145(2) (with Sch. 2)
F2Words in s. 337(2) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 145(3) (with Sch. 2)