# Finance Act 2011, Paragraph 7


(1) Paragraph 8 (change of a company's nature) is amended as follows.
(2) In sub-paragraph (1)—
(a) after “trade” (in each place) insert “ or business ”,
(b) in paragraph (a) for “carried on by that company” substitute “ which was carried on by that company immediately before it became a member of that group ”, and
(c) for “paragraph 7(1)(c) and (2)(c)” substitute “ paragraph 7(1A) ”.
(3) For sub-paragraph (2) substitute—
“(2) In sub-paragraph (1) “a major change in the nature or conduct of a trade or business” includes—
(a) a major change in the type of property dealt in, or services or facilities provided, in the trade or business,
(b) a major change in customers, markets or outlets of the trade or business, or
(c) in the case of a company with investment business (within the meaning of section 1218 of CTA 2009), a major change in the nature of the investments held;
and this paragraph applies even if the change is the result of a gradual process which began outside the period of three years mentioned in sub-paragraph (1)(a).”

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Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/11/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-11/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.