Corporation Tax Act 2009 section 144

Purchase and sale of securities: references to setting up and commencement etc. of a trade

Section 144 ensures that references to the starting and ending of a trade in the old anti-avoidance rules on purchase and sale of securities continue to work properly for securities purchased before 1 April 2008, despite the repeal of certain provisions by the Corporation Tax Act 2009.

• This section applies to the anti-avoidance rules in section 731 of ICTA concerning the purchase and sale of securities acquired before 1 April 2008.
• References to the setting up and commencement of a trade in those rules are to be read as still including events that would have been treated as a trade commencing under the now-repealed sections 114(1) and 337(1) of ICTA.
• Similarly, references to the deemed discontinuance of a trade are to be read as still including events that would have been treated as a trade ending under those same repealed provisions.
• The effect is to preserve the original intended scope of the anti-avoidance provisions, preventing the repeal of supporting definitions from inadvertently narrowing their application.