This section has no associated Explanatory Notes
539(1)Amend section 115 (prohibited allowances: connected persons) as follows.U.K.
(2)In subsection (1) for paragraph (c) and the word “and” at the end of that paragraph substitute—
“(c)the transaction (or each of the transactions) is one—
(i)which involved all of the persons carrying on the qualifying activity before the transaction permanently ceasing to carry it on, or
(ii)in respect of which the qualifying activity carried on by the person making the disposal was not treated as continuing under section 114(1) or 343(2) of ICTA (effect of partnership changes involving companies or of company reconstructions), and”.
(3)Omit subsection (3).