Paragraph 13 I1

(1)

Where a person (“the predecessor”) is carrying on a trade and, in consequence of a scheme made under section 1(2)—

(a)

the predecessor ceases to carry on a trade, and

(b)

a person who is not a national authority (“the successor”) begins to carry on activities of that trade as part of a trade carried on by the successor,

then that part of the trade carried on by the successor shall be treated for the purposes of paragraph 12 as a separate trade.

(2)

Where a person (“the predecessor”) is carrying on a trade and, in consequence of a scheme made under section 1(2)—

(a)

the predecessor ceases to carry on a part of a trade, and

(b)

a person who is not a national authority begins to carry on activities of that part of that trade,

then the predecessor shall be treated for the purposes of paragraph 12 and sub-paragraph (1) of this paragraph as having carried on that part of its trade as a separate trade.

(3)

Where activities fall to be treated for the purposes of this paragraph as a separate trade, such apportionments of receipts, expenses, assets and liabilities shall be made for the purposes of the 2001 Act as may be just and reasonable.

Annotations

Commencement

I1: Sch. 10 para. 13 in force at 8.6.2005 by S.I. 2005/1444, art. 2(1), Sch. 1