If a person ('the successor') succeeds to a qualifying activity1 which until that time was carried on by another person ('the predecessor'), and:
(1) all of the persons carrying on the qualifying activity before the succession permanently cease to carry it on; and
(2) if the qualifying activity is a trade2 or property business3, either:
(a) (for income tax purposes) a person carrying on the trade or property business immediately before the succession continues to carry it on after the succession; or
(b) (for corporation tax purposes) a company carrying on the trade or business in partnership immediately before
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