Part 22Miscellaneous provisions
Chapter 1Transfers of trade without a change of ownership
Effect of Chapter in relation to transfers to which it applies
944Modified application of Chapter 2 of Part 4
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.