Section 257MP Meaning of “qualifying trade”F1

(1)

For the purposes of this Chapter, a trade is a qualifying trade if—

(a)

it is conducted on a commercial basis and with a view to the realisation of profits, and

(b)

it does not at any time in the shorter applicable period consist wholly or as to a substantial part in the carrying-on of excluded activities.

(2)

References in this section and sections 257MQ to 257MT (excluded activities) to a trade are to be read without regard to the definition of “trade” in section 989.

Annotations

Textual amendments

F1: Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1