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
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