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132Early exit by notice

(1)    This section applies where this Part—

(a)    ceases to apply to a company by reason of section 128, and

(b)    had applied to the company for a continuous period immediately before cessation of less than ten years.

(2)    If the company disposes of a tax-exempt asset during the post-cessation period, liability to corporation tax shall be determined without regard to—

(a)    any deemed disposal under section 111(2) that resulted in a gain,

(b)    any deemed disposal under section 131(3), or

(c)    any deemed disposal under section 125(2).

(3)    In subsection (2)—

(a)    “tax-exempt asset” means an asset that was involved (within the meaning of section 107(6)(a)) in the business of C (tax-exempt), and

(b)    “the post-cessation period” means the period of two years beginning with the date of cessation.

NOTES
Initial Commencement
Royal Assent

This Act received Royal Assent on 19 July 2006: for provision as the application of this section see ss 109, 110, 145(1).
Company Law & Business Entities91 Companies & Corporate Bodies91

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