Section 269CL — Corporation Tax Act 2010: When a company first begins to carry on relevant regulated activities

When a company first begins to carry on relevant regulated activities 269CL 1 For the purposes of this Chapter, a company first begins to carry on a relevant regulated activity on a particular day if the company—

a begins to carry on a relevant regulated activity on that day, and b has not carried on any relevant regulated activity before that day. This is subject to subsection (2).

2 Where—

a there is a transfer of a trade, and b immediately before the transfer the predecessor carried on a relevant regulated activity, the successor is to be treated as having first begun to carry on a relevant regulated activity on the day on which the predecessor first began to carry on such an activity.

3 Section 940B (meaning of “transfer of a trade” etc ) applies for the purposes of this section as it applies for the purposes of Chapter 1 of Part 22.