SCHEDULES
F1SCHEDULE 7ZAF2Business asset disposal relief: “trading company” and “trading group”
Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))
PART 1Meaning of “trading company” and “trading group”
1
1
This paragraph gives the meaning of “trading company” and “trading group” where used in the following provisions of Chapter 3 of Part 5 (F2business asset disposal relief)—
a
in section 169I (material disposal of business assets)—
i
paragraphs (a) and (b) of subsection (6) (which apply for the purposes of conditions A and B in that section), and
ii
sub-paragraphs (i) and (ii) of subsection (7A)(c) (which apply for the purposes of conditions C and D in that section), and
b
section 169J(4) (disposal of trust business assets).
2
“Trading company” and “trading group” have the same meaning as in section 165 (see section 165A), but as modified by Part 2 of this Schedule.
3
“Trading activities” (see section 165A(4) and (9)) is to be read in accordance with Part 3 of this Schedule.
2
In provisions of Chapter 3 of Part 5 not mentioned in paragraph 1(1), “trading company” and “trading group” have the same meaning as in section 165 (see section 165A), except that subsections (7) and (12) of section 165A are to be disregarded.
Sch. 7ZA inserted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 5