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Paragraph 16 The exemption period: new businesses

Original text. Later amendments are not shown.

(1)

The exemption period, in relation to a new business, is the period beginning with the commencement date and ending with the date on which P ceases to carry on the business or (if sooner) the day 10 years after the commencement date.

(2)

If P is a number of persons in partnership, P is not to be taken for this purpose to cease to carry on the business if—

(a)

the members of the partnership change, or the partnership is dissolved; and

(b)

after the change or dissolution, the business is carried on by at least one of the persons who constituted P.