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Part 22U.K.Miscellaneous provisions

Chapter 1U.K.Transfers of trade without a change of ownership

IntroductionU.K.

[F1940B]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—

(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

F1S. 940B: s. 939 renumbered as s. 940B (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 3(1)(b)