Amendment of the Income and Corporation Taxes Act 19888
1
Amend section 432G (section 432B: apportionment of business transfer-in)10 as follows.
2
In subsection (2)—
a
after “each of those categories” insert “(but taking that amount to be nil if it would otherwise be below nil)”;
b
at the end insert “This is subject to subsection (3) below.”.
3
After subsection (2) add—
3
If the whole of the liabilities transferred is nil then the business transfer-in shall be apportioned to the categories of business of the transferee in such proportions as are just and reasonable.