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.