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(1)If this Chapter applies to a transfer of a trade, Chapter 2 of Part 4 (relief for trade losses) has effect subject to subsections (2) and (3).
(2)Section 39 (terminal losses: extension of periods for which relief may be given) does not apply in relation to a loss made by the predecessor in the transferred trade.
(3)Relief under section 45 (carry forward of trade loss against subsequent trade profits) is given to the successor in relation to a loss—
(a)which is made by the predecessor in the transferred trade, and
(b)for which relief would have been given under that section to the predecessor had it continued to carry on that trade.
(4)Subsection (3) is subject to—
(a)any claim made by the predecessor under section 37 (including a case where section 42 applies), and
(b)section 945.
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