398. Conditions for relief.

Where on a company ('the predecessor') ceasing to carry on a trade1, another company ('the successor') begins to carry it on, there is a transfer of a trade2. The relevant provisions of the Corporation Tax Act 20103 apply to a transfer of a trade if4:


    (1)     the ownership condition is satisfied5, namely that:


      (a)     on the transfer of the transferred trade or at some time within two years beginning immediately after the transfer a 75 per cent interest6 in the transferred trade belongs to certain persons; and


      (b)     at some time during the period of one year ending immediately