Income Tax (Trading and Other Income) Act 2005

Chapter 19U.K.Supplementary

258Changes in trustees and personal representativesU.K.

(1)This section applies if there is a change—

(a)in the trustees of a trust, or

(b)in the personal representatives of a person,

at a time when they are carrying on a trade, profession or vocation.

(2)For income tax purposes, the change does not result in—

(a)any of the trustees or personal representatives before the change permanently ceasing to carry on the trade, profession or vocation, or

(b)any of the trustees or personal representatives after the change starting to carry on the trade, profession or vocation.

[F1259Meaning of “statutory insolvency arrangement”U.K.

In this Part “statutory insolvency arrangement” means—

(a)a voluntary arrangement that has taken effect under or as a result of the Insolvency Act 1986, [F2the Insolvency (Northern Ireland) Order 1989 or schedule 4 to the Bankruptcy (Scotland) Act 2016],

[F3(b)a compromise or arrangement that has taken effect under Part 26 [F4or 26A] of the Companies Act 2006],

(c)any arrangement or compromise of a kind corresponding to any of those mentioned in paragraph (a) or (b) that has taken effect under or by virtue of the law of a country or territory outside the United Kingdom.]

Textual Amendments

F1S. 259 substituted (with effect as mentioned in Sch. 6 para. 3(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 37, Sch. 6 para.3(1)