Section 357EE Transfer of a trade between group membersF1

(1)

This section applies where—

(a)

there is a set-off amount in relation to a trade of a company for an accounting period,

(b)

the company is a member of a group,

(c)

the company ceases to carry on the trade, and

(d)

another company (“the transferee”) that is a member of the group begins to carry on that trade.

(2)

For the purposes of this Chapter an amount equal to the set-off amount is to become, or be added to, the set-off amount in relation to the trade of the transferee for the accounting period in which the transferee begins to carry on the trade.

Annotations

Textual amendments

F1: Pt. 8A inserted (with effect in accordance with Sch. 2 paras. 7, 8 of the amending Act) by Finance Act 2012 (c. 14), Sch. 2 para. 1(1)