Words and Phrases - "succeeded to"

The taxpayer, a bank with numerous branches in England and Wales, purchased the business and premises and other assets of the County of Stafford Bank, which carried on business only in Wolverhampton. The respondent then opened a branch at the purchased premises, and proceeded to carry on the business with the same manager and staff as before. The profits and outgoings of the new business were merged in those of the National Provincial Bank as a whole. In finding that there had been a succession to the trade of the County of Stafford Bank, within the meaning of the Fourth Rule applicable to the First and Second Cases in Schedule D, section 100, of the Income Tax Act 1842, Collins MR stated (at p. 161):

The words of the Fourth Rule appear to me quite plain. If the National Provincial Bank had not been in existence, and a new company had been formed for the purpose of taking over the business of the County of Stafford Bank, the case would have been directly within the terms of the Rule. In that case the new company would clearly "have succeeded to" the "trade, adventure, or concern" of the old. I do not see how it can make any difference that the person succeeding to a business had an existing business of his own of a similar kind. He none the less succeeds to an existing business… The respondents acquired by purchase the goodwill and assets of the County of Stafford Bank, and carried on its business in the same way as before, except of course that the accounts and profits of the business became merged in those of the National Provincial Bank.