Article 7 Finance Act 1994

(1)

Section 227B of the Finance Act 1994^f1 (transfer of underwriting business without change of ownership) is amended as follows.

(2)

In subsection (2)—

(a)

for “Section 343 of the Taxes Act 1988 (company reconstructions without a change of ownership)” substitute “Chapter 1 of Part 22 of the Corporation Tax Act 2010 (transfers of trade without a change of ownership)”,

(b)

in paragraph (a), for “the trade mentioned in that section” substitute “the transferred trade referred to in that Chapter^f2”, and

(c)

in paragraph (c), for “subsections (8) to (10) and (12)” substitute “sections 951 and 952”.

Annotations

Footnotes

f1: 1994 c. 9. Section 227B was inserted into the Finance Act 1994 by section 43(1) of the Finance Act 2007 (c. 3).
f2: Section 940B of the Corporation Tax Act 2010, in Chapter 1 of Part 22 of that Act, defines “the transferred trade”. That section was renumbered by paragraph 3(1)(b) of Schedule 5 to the Finance Act 2011 (c. 11).