Introduction Details of the Section
2.Subsection 1(1) applies subsection 1(2) where a transfer of a trade (to which Chapter 1 of Part 22 applies) carried on by a company occurs prior to a change in ownership of that company.
3.Subsection 1(2) applies Chapter 2 to restrict relief available by virtue of section 944(3) in Part 22 (for carried forward losses) as if references to the trade and losses sustained by the predecessor company in the transfer of the trade are references to the trade carried on and the loss sustained by the successor company.
4.Subsection 1(3) applies subsection 1 (4) where a transfer of a trade (to which Chapter 1 of Part 22 applies) carried on by a company occurs after a change in ownership of that company.
5.Subsection 1(4) applies Chapter 2 to restrict relief available under section 45 CTA 2010 or by virtue of section 944(3) in Part 22 (for carried forward losses) as if references to the trade carried on by the company include the trade carried on by the successor company, or any successor, to a transfer of the trade..
6.Subsections 1(5)-(7) define predecessor and successor companies.