Section 269CL | When a company first begins to carry on relevant regulated activities ^F1

(1)For the purposes of this Chapter, a company first begins to carry on a relevant regulated activity on a particular day if the company—^F1

(a)begins to carry on a relevant regulated activity on that day, and^F1

(b)has not carried on any relevant regulated activity before that day.^F1

This is subject to subsection (2).

(2)Where—^F1

(a)there is a transfer of a trade, and^F1

(b)immediately before the transfer the predecessor carried on a relevant regulated activity,^F1

the successor is to be treated as having first begun to carry on a relevant regulated activity on the day on which the predecessor first began to carry on such an activity.

(3)Section 940B (meaning of “transfer of a trade” etc) applies for the purposes of this section as it applies for the purposes of Chapter 1 of Part 22.^F1