s 35A Cessation of source of income commenced before 1 January 1969
35A.—(1) This section only applies to any trade, business, profession, vocation or employment (except subsidiary employment which had not been treated as a new source on commencement) which commenced before 1 January 1969. (2) Subject to subsection (3), where a person permanently ceases to carry on or exercise any trade, business, profession, vocation or employment to which this section applies, the person’s statutory income therefrom is —(a) as regards the year of assessment in which the cessation occurs — the amount of the income of that year; and (b) as regards the year of assessment preceding that in which the cessation occurs — the amount of income as computed in accordance with section 35, or the amount of income of that year, whichever is the greater. (3) Subsection (2) does not apply to a company which ceases to carry on any trade or business on or after 15 October 1969 where such trade or business or part thereof is transferred to or carried on by any person as that person’s trade or business, whether with or without any alteration. (4) For the purposes of this section, where a change occurs in a partnership of persons carrying on any trade, business or profession by reason of retirement or death, or the dissolution of the partnership as to one or more of the partners, or the admission of a new partner, every such person who is not a company is deemed to cease to carry on that trade, business or profession as from the date the change occurs.