Section 27

EXEMPT ACTIVITIES TO BE SEPARATE TRADE

Related Commentary  

1  Exempt activities carried on–

(a)by the NDA, or

(b)by a company while it is an NDA company,

are to be treated for corporation tax purposes as a separate trade distinct from all other activities carried on by the NDA or (as the case may be) that company.

ACCOUNTING PERIODS OF COMPANIES CARRYING ON EXEMPT ACTIVITIES

Related Commentary  

2(1)  An accounting period of the NDA or of an NDA company ends (if it would not otherwise do so)–

(a)where it begins to carry on exempt activities, immediately before it begins to carry them on; and

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