Finance Act 2021
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Change 1
75 Transfer of business as a going concern: regulations
(1) The Commissioners may by regulations make provision for the purposes of plastic packaging tax in relation to cases where any business carried on by a person (P) is transferred to another person (T) as a going concern. (2) Regulations under this section may (among other things) make— (a) provision requiring P to inform the Commissioners of the transfer; (b) provision for P's liabilities and duties under this Part to become, to such extent as may be provided by the regulations, liabilities and duties of T; (c) provision for any right of either P or T to a tax credit or repayment of plastic packaging tax to be satisfied by allowing the credit or making the repayment to the other; (d) provision as to the preservation of any records or accounts relating to the business which, by virtue of any regulations under section 63, are required to be preserved for any period after the transfer; (e) such other provision as the Commissioners think fit for securing continuity in the application of this Part in cases to which the regulations apply. (3) Regulations under this section may provide that no such provision as is mentioned in subsection (2)(b) or (c) has effect in relation to any transferor or transferee unless an application for the purpose has been made by them under the regulations.
75 Transfer of business as a going concern: regulations
(1) The Commissioners may by regulations make provision for the purposes of plastic packaging tax in relation to cases where any business carried on by a person (P) is transferred to another person (T) as a going concern. (2) Regulations under this section may (among other things) make— (a) provision requiring P to inform the Commissioners of the transfer; (b) provision for P's liabilities and duties under this Part to become, to such extent as may be provided by the regulations, liabilities and duties of T; (c) provision for any right of either P or T to a tax credit or repayment of plastic packaging tax to be satisfied by allowing the credit or making the repayment to the other; (d) provision as to the preservation of any records or accounts relating to the business which, by virtue of any regulations under section 63, are required to be preserved for any period after the transfer; (e) such other provision as the Commissioners think fit for securing continuity in the application of this Part in cases to which the regulations apply. (3) Regulations under this section may provide that no such provision as is mentioned in subsection (2)(b) or (c) has effect in relation to any transferor or transferee unless an application for the purpose has been made by them under the regulations.
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