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Effect, in certain cases, of succession to trade, etc.
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300.—(1) Where, on or after the 6th day of April, 1967, a person succeeds to any trade or profession which until that time was carried on by another person and, by virtue of any of the provisions of section 59, the trade or profession is to be treated as discontinued, any property which, immediately before the succession takes place, was in use for the purposes of the discontinued trade or profession and, without being sold is, immediately after the succession takes place, in use for the purposes of the new trade or profession shall, for the purposes of this Part, and of sections 241 and 243, be treated as if it had been sold to the successor when the succession takes place, and as if the net proceeds of that sale had been the price which that property would have fetched if sold in the open market.
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(2) Where, after the setting up and before the permanent discontinuance of a trade or profession which at any time is carried on in partnership anything is done for the purposes thereof, any allowance or charge which, if the trade or profession had at all times been carried on by one and the same person, would have fallen to be made to or on him under section 241 or Part XV or any of the provisions of this Part, shall, subject to section 72, be made to or on the person or persons from time to time carrying on that trade or profession, and the amount of any such allowance or charge shall be computed as if that person or those persons had at all times been carrying on the trade or profession and as if everything done to or by his or their predecessors in the carrying on thereof had been done to or by him or them.
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