Article 8 Amendment of the Income and Corporation Taxes Act 1988

(1)

Amend section 432G (section 432B: apportionment of business transfer-in)^f1 as follows.

(2)

In subsection (2)—

(a)

after “each of those categories” insert “(but taking that amount to be nil if it would otherwise be below nil)”;

(b)

at the end insert “This is subject to subsection (3) below.”.

(3)

After subsection (2) add—

“(3)
If the whole of the liabilities transferred is nil then the business transfer-in shall be apportioned to the categories of business of the transferee in such proportions as are just and reasonable.”.

Annotations

Footnotes

f1: Section 432G was inserted by article 4 of S.I. 2004/3266.