Trading losses: change in ownershipU.K.
14(1)This paragraph applies if under a relevant transfer all the issued share capital of a company (the transferred company) is transferred from the CAA to—U.K.
(a)the Secretary of State, or
(b)a company whose shares are all held by the Secretary of State when the transfer takes effect.
(2)For the purposes of [F1Chapter 2 of Part 14 of the Corporation Tax Act 2010 (but not section 674(1) of that Act)] (disallowance of trading losses on change in company’s ownership) the transfer is not to be taken to result in a change in the ownership of—
(a)the transferred company, or
(b)a company which is a wholly owned subsidiary of the transferred company when the transfer takes effect.
Textual Amendments
F1Words in Sch. 7 para. 14(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 321(4) (with Sch. 2)
Commencement Information
I1Sch. 7 paras. 1-20 wholly in force at 1.2.2001, see s. 275(1) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)