Section 257MP | Meaning of “qualifying trade” ^F1

(1)For the purposes of this Chapter, a trade is a qualifying trade if—

(a)it is conducted on a commercial basis and with a view to the realisation of profits, and

(b)it does not at any time in the shorter applicable period consist wholly or as to a substantial part in the carrying-on of excluded activities.

(2)References in this section and sections 257MQ to 257MT (excluded activities) to a trade are to be read without regard to the definition of “trade” in section 989.