Section 269CL When a company first begins to carry on relevant regulated activitiesF1

(1)

For the purposes of this Chapter, a company first begins to carry on a relevant regulated activity on a particular day if the company—

(a)

begins to carry on a relevant regulated activity on that day, and

(b)

has not carried on any relevant regulated activity before that day.

This is subject to subsection (2).

(2)

Where—

(a)

there is a transfer of a trade, and

(b)

immediately before the transfer the predecessor carried on a relevant regulated activity,

the successor is to be treated as having first begun to carry on a relevant regulated activity on the day on which the predecessor first began to carry on such an activity.

(3)

Section 940B (meaning of “transfer of a trade” etc) applies for the purposes of this section as it applies for the purposes of Chapter 1 of Part 22.

Annotations

Textual amendments

F1: Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1