Related Commentary  

416ZB(1)  For the purposes of section 416ZA “notional accounting period”, in relation to a person (“the former trader”) who has ceased to carry on a ring fence trade, means each of the following periods–

(a)the period that–

(i)begins with the day following the last day on which the former trader carried on the ring fence trade, and

(ii)ends with the day on which the first termination event subsequently occurs, and

(b)each period that–

(i)begins with the day following the last day of a period determined under paragraph (a) or this paragraph, and

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