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Corporation Tax Act 2010
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41Sections 39 and 40: transfers of trade to obtain relief
This section has no associated Explanatory Notes
Sections 39 and 40 do not apply by reason of a company ceasing to carry on a trade if—
(a)on the company ceasing to carry on the trade, any of the activities of the trade begin to be carried on by a person who is not (or by persons any or all of whom are not) within the charge to corporation tax, and
(b)the company’s ceasing to carry on the trade is part of a scheme or arrangement the main purpose, or one of the main purposes, of which is to secure that either or both of those sections apply in relation to a loss by reason of the cessation.
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