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(a) the transfer shall not be treated as giving rise to any allowance or charge provided for by section 307 or 308, and

(b) there shall be made to or on the acquiring company in accordance with sections 307 and 308 all such allowances and charges as would, if the transferring company had continued to carry on the trade and had continued to use the transferred assets for the purposes of the trade, have been made to or on the transferring company in respect of any assets transferred in the course of the transfer, and the amount of any such allowance or charge shall be computed as if the acquiring company had been carrying on the trade since the transferring company began to do so and as if everything done to or by the transferring company had been done to or by the acquiring company.

(a) the transfer shall not be treated as giving rise to any allowance or charge provided for by section 307 or 308, and

(b) there shall be made to or on the acquiring company in accordance with sections 307 and 308 all such allowances and charges as would, if the transferring company had continued to carry on the trade and had continued to use the transferred assets for the purposes of the trade, have been made to or on the transferring company in respect of any assets transferred in the course of the transfer, and the amount of any such allowance or charge shall be computed as if the acquiring company had been carrying on the trade since the transferring company began to do so and as if everything done to or by the transferring company had been done to or by the acquiring company.

(4) Subsection (3) shall not apply as respects assets transferred in the course of a transfer if in consequence of the transfer, or a transaction of which the transfer is a part, the Corporation Tax Acts are to apply subject to subsections (6) to (9) of section 400.