Part 22Miscellaneous provisions
Chapter 1Transfers of trade without a change of ownership
Introduction
F1940BMeaning of “transfer of a trade” and related expressions
(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.