Part 13Tax avoidance
Chapter 5Avoidance involving trading losses
Individuals claiming relief for film-related trading losses
798Meaning of “non-taxable consideration” etc
(1)
This section applies for the purposes of section 797.
(2)
Consideration is non-taxable if (apart from section 796) it is not chargeable to income tax.
(3)
Non-taxable consideration from which a deduction within subsection (4) is made is treated as received free of the deduction.
(4)
A deduction is within this subsection if it is in consideration of any person's agreeing to, or facilitating, any relevant disposal or exit event.