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Finance Act 1994
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- UK Public General Acts
- 1994 c. 9
- SCHEDULE 25
- Transfers from NIAL to...
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Changes over time for: Cross Heading: Transfers from NIAL to successor company: general
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- 03/05/1994- Amendment
- 01/07/2007
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Finance Act 1994, Cross Heading: Transfers from NIAL to successor company: general is up to date with all changes known to be in force on or before 08 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Transfers from NIAL to successor company: generalU.K.
2(1)The following shall apply for the purposes of the Corporation Tax Acts—U.K.
(a)the transferred trade shall be treated as having been, at the time when it began to be carried on by NIAL and at all times since that time, a separate trade carried on by the successor company;
(b)the trade carried on by the successor company on and after the transfer date shall be treated as the same trade as that which, by virtue of paragraph (a) above, it is treated as having carried on before that date;
(c)all property, rights and liabilities of NIAL which are transferred under Article 54(2) to the successor company shall be treated as having been, at the time when they became vested in NIAL and at all times since that time, property, rights and liabilities of the successor company; and
(d)anything done by NIAL in relation to any property, rights and liabilities which are transferred under Article 54(2) to the successor company shall be deemed to have been done by the successor company.
(2)This paragraph shall have effect in relation to accounting periods beginning after the final accounting period.
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