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Corporation Tax Act 2010

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Changes to legislation:

Corporation Tax Act 2010, Cross Heading: Introduction is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

IntroductionU.K.

[F1940A]Overview of ChapterU.K.

(1)This Chapter contains rules for cases where a trade is transferred between companies within the charge to tax and certain conditions as to common ownership of the trade are met.

(2)Section [F2940B] explains when there is a transfer of a trade for the purposes of this Chapter.

(3)Sections [F3940C] to 943 contain provision about when this Chapter applies to a transfer of a trade.

(4)Sections [F4943A] to 950 set out the effects of this Chapter in relation to a transfer to which it applies.

(5)Sections 951 to 953 contain supplementary provision.

Textual Amendments

F1S. 940A: s. 938 renumbered as s. 940A (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 3(1)(a)

F2Word in s. 940A(2) substituted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 3(2)(a)

F3Word in s. 940A(3) substituted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 3(2)(b)

F4Word in s. 940A(4) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 62

[F5940B]Meaning of “transfer of a trade” and related expressionsU.K.

(1)This section applies for the purposes of this Chapter.

(2)If, on a company ceasing to carry on a trade, another company begins to carry it on, there is a transfer of a trade.

(3)The trade that is transferred is referred to in this Chapter as “the transferred trade”.

(4)In relation to a transfer of a trade—

  • the predecessor” means the company which ceases to carry on the trade, and

  • the successor” means the company which begins to carry on the trade.

(5)In this Chapter, except in so far as the context otherwise requires—

(a)references to a trade include an office, and

(b)references to carrying on a trade include holding an office.

Textual Amendments

F5S. 940B: s. 939 renumbered as s. 940B (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 3(1)(b)

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