Section 361 | Changes in trustees and personal representatives

(1)This section applies if there is a change—

(a)in the trustees of a trust, or

(b)in the personal representatives of a person,

at a time when they are carrying on a property business.

(2)For income tax purposes, the change does not result in—

(a)any of the trustees or personal representatives before the change permanently ceasing to carry on the business, or

(b)any of the trustees or personal representatives after the change starting to carry on the business.