Section 7

an old trade or business of a pioneer enterprise in respect of a pioneer product or products which is or are the subject of a single pioneer certificate issued to the pioneer enterprise is considered to have permanently ceased on the tax relief expiry date;

the pioneer enterprise is considered to have set up and commenced a new trade or business in respect of the same product or products on the day immediately following the tax relief expiry date;

the pioneer enterprise must make up accounts of each old trade or business for a period not exceeding one year, commencing on —

the production day of the pioneer product; or

where the pioneer certificate specifies 2 or more pioneer products, the earlier or earliest of the production days of those pioneer products, for successive periods of one year thereafter and for the period not exceeding one year ending on the tax relief expiry date;

in making up the first accounts of the new trade or business referred to in paragraph (b), the pioneer enterprise must take as the opening figures for those accounts the closing figures in respect of its assets and liabilities as shown in its last accounts of the corresponding old trade or business; and

the next accounts of the new trade or business following the first accounts referred to in paragraph (d), must be made up by reference to the closing figures in the first accounts, and any subsequent accounts of the new trade or business must be similarly made up by reference to the closing figures of the preceding accounts of the new trade or business.