For this purpose the reference to a person permanently ceasing to carry on a trade includes F1a reference to a company ceasing to be within the charge to corporation tax in respect of a trade.

If, immediately before a person permanently ceases to carry on a trade, F4the cash basis applies in relation to the trade, a sum is to be treated as a post-cessation receipt only if it would have been brought into account in calculating the profits of the trade on the cash basis had it been received at that time.

The partner is treated for the purposes of this Chapter as permanently ceasing to carry on the trade.

The following provisions treat certain amounts as post-cessation receipts for the purposes of this Part—

• section 82(6) (contributions to local enterprise organisations or urban regeneration companies),

• section 104(3) (distribution of assets of mutual concerns),

• section 109(2) (receipt by donor or connected person of benefit attributable to certain gifts),

• section 185(1) (election for valuation at cost),

• section 248 (debts paid after cessation),

• section 249 (debts released after cessation), as qualified, where appropriate, by section 48(4) (car F2... hire),

• section 250 (receipts relating to post-cessation expenditure),

• section 251 (transfer of rights if transferee does not carry on trade), and

• section 844 (income charged on withdrawal of relief after source ceases: unremittable income).

Section 98 (acquisition of trade: receipts from transferor's trade) and section 251 (transfer of rights if transferee does not carry on trade) treat certain amounts as not being post-cessation receipts for the purposes of this Part.