16(1)  This regulation applies where–

(a)within any period of three years there is both a change in the ownership of a company and, either earlier or later in that period, or at the same time, a major change in the nature or conduct of a trade or business carried on by the company; or

(b)at any time after the scale of the activities in a trade or business carried on by a company has become small or negligible, and before any considerable revival of the trade or business, there is a change in the ownership of the company.

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