Section 216 | Effect of change in ownership of trade, profession or vocation.

(1)Repealed^F1

(2)Subsections (3) to (5) of that section and, in subsection (6) of that section, the words from “and where” to the end shall cease to have effect.

(3)The following provisions of that Act shall cease to have effect, namely—

(a)in section 96 (farming and market gardening: relief for fluctuating profits), in subsection (6) the words from “except that” to the end;

(b)in section 380 (set-off against general income), subsection (3);

(c)in section 381 (further relief in early years of trade), subsection (6);

(d)in section 384 (restrictions on right of set-off), subsection (5);

(e)in section 385 (carry-forward against subsequent profits), subsections (2) and (5);

(f)in section 386 (carry-forward where business transferred to a company), subsection (4); and

(g)in section 389 (supplementary provisions relating to carry-back of terminal losses), subsection (3).

(4)Repealed^F2

(5)Subsection (3)(a) above—

(a)except in its application to a trade set up and commenced on or after 6th April 1994, has effect where the first of the two years of assessment to which the claim relates is the year 1996-97 or any subsequent year, and

(b)in its application to a trade so set up and commenced, has effect where the first of those two years of assessment is the year 1995-96 or any subsequent year.