Section 542 Transfer of C’s trade ...F2

United Kingdom

(1)

Subsections (2) and (3) apply for the purposes of contribution allowances under F1Part 5 if—

(a)

C’s contribution was made for the purposes of C’s trade ..., and

(b)

the whole or a part of the trade ... is subsequently transferred.

(2)

If the whole of the trade ... is transferred, writing-down allowances for chargeable periods ending after the date of the transfer are to be made to the transferee instead of to the transferor.

(3)

If a part of the trade ... is transferred, writing-down allowances for chargeable periods ending after the date of the transfer are to be made to the transferee instead of to the transferor to the extent that they are properly referable to the part transferred.

Annotations

Textual amendments

F1: Words in s. 542(1) substituted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by Finance Act 2008 (c. 9), Sch. 27 para. 11
F2: Words in s. 542 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1