This section has no associated Explanatory Notes
496(1)Amend section 265 (successions: general) as follows.U.K.
(2)For subsection (1)(b) substitute—
“(b)if the qualifying activity is a trade or property business, the condition in subsection (1A) or (1B) (whichever is appropriate) is met.”
(3)For subsection (1A) substitute—
“(1A)For income tax purposes, the condition is that no person carrying on the trade or property business immediately before the succession continues to carry it on after the succession.
(1B)For corporation tax purposes, the condition is that no company carrying on the trade or property business in partnership immediately before the succession continues to carry it on in partnership after the succession.”