Modifications etc. (not altering text)
C1 See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.
(1)This section applies where—
(a)site preparation expenditure has been incurred in relation to a waste disposal site,
(b)that expenditure was incurred by a person in the course of carrying on a trade, and
(c)on or after 21st March 2000—
(i)that person (“the predecessor”) ceases to carry on that trade, or ceases to carry it on so far as it relates to that site, and
(ii)another person [F1that is a company] (“the successor”) begins to carry on that trade, or to carry on in the course of a trade the activities formerly carried on by the predecessor in relation to that site.
(2)If the conditions specified in the following provisions of this section are met, then, for the purposes of section 91B above—
(a)the trade carried on by the successor shall be treated as the same trade as that carried on by the predecessor, and
(b)allowances shall be made to the successor (and not to the predecessor) as if everything done to or by the predecessor had been done to or by the successor.
(3)The first condition is that the whole of the site in question is transferred to the successor.
Provided the successor holds an estate or interest in the whole of the site, it need not be the same as that held by the predecessor.
(4)The second condition is that the successor, at the time [F2it] first deposits waste material at the site, holds a relevant licence in respect of the site which is then in force.
(5)Expressions used in this section have the same meaning as in section 91B.
Textual Amendments
F1Words in s. 91BA(1)(c)(ii) inserted (6.4.2005 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. 70(a) (with Sch. 2)
F2Word in s. 91BA(4) substituted (6.4.2005 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. 70(b) (with Sch. 2)