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(5) For the purposes of section 597, the bank and the successor shall be treated as if they were the same person.

(4) For the purposes of section 597, the relevant port company and the person from whom an asset was acquired in the course of a relevant transfer shall be treated as if they were the same person.

(b) section 597, and

“the new assets” and “the old assets” have the meaning assigned, respectively, to them by section 597(4).

(a)section 597 shall not apply where the trustees—

(b)where under section 597 a chargeable gain accruing on a disposal of old assets is treated as not accruing until a time later (being the time that the new assets cease to be used for the purposes of a trade or other purposes as referred to in subsection (2) of that section) than the time of the disposal, and, but for this subsection, the later time would fall after the relevant time, the chargeable gain shall be treated as accruing immediately before the relevant time,

(a)section 597 shall not apply where—

(b)where under section 597 a chargeable gain accruing on a disposal of the old assets is treated as not accruing until a time later (being the time that the new assets cease to be used for the purposes of a trade or other purposes as set out in subsection (2) of that section) than the time of the disposal, and but for this paragraph, the latter time would fall after the time concerned, the chargeable gain shall be treated as accruing immediately before the time concerned, if—

(ii) where the chargeable business assets are new assets within the meaning of section 597, the period of ownership of the old assets as if it were a period of ownership of the new assets,

(1) For the purposes of this section “old assets” and “new assets” have the same meanings as in section 597.

(2) Subject to subsection (4), for the purposes of section 597 all the trades to which this section applies carried on by members of a group of companies shall be treated as a single trade (except in a case of one member of the group acquiring, or acquiring the interest in, the new assets from another member or disposing of, or disposing of the interest in, the old assets to another member).

(ii) by virtue of section 620 the asset constitutes new assets for the purposes of section 597.

(b) a chargeable gain shall be deferred on a replacement of business assets if, by one or more claims under section 597, a chargeable gain on the disposal of those assets is treated as not accruing until the new assets within the meaning of that section cease to be used for the purpose of a trade carried on by the company making the claim;

"the new assets" and "the old assets" have the meanings respectively assigned to them by section 597;

(5)Section 597 shall not apply where a company referred to in subsection (2)(c)—

(1) Consideration obtained for a relevant disposal shall not be regarded for the purposes of relief under section 597 as having been obtained for the disposal of old assets within the meaning of that section.

(ii) the new assets within the meaning of section 597,

(c) Section 597 shall apply in relation to assets of an authorised racecourse as if—

(ii) the new assets within the meaning of section 597,

(c)Section 597 shall apply in relation to assets of an authorised greyhound race track as if—

(2) Subsection (11) of section 597 shall apply as respects the application of that section to a disposal of assets which have been used by the person disposing of them for the purposes of a petroleum trade as if each reference in that subsection to a “trade” or “trades” were respectively a reference to a “petroleum trade” or “petroleum trades” within the meaning of this Chapter.

“old asset” and “new asset” have the same meanings respectively as in section 597;