Amendment of the Income and Corporation Taxes Act 1988
This section has no associated Explanatory Memorandum
8.—(1) Amend section 432G (section 432B: apportionment of business transfer-in)(1) 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.”.
(1)
Section 432G was inserted by article 4 of S.I. 2004/3266.