PART XVII TAX AVOIDANCE

CHAPTER III TRANSFER OF ASSETS ABROAD

F1741BApplication of sections 741 and 741A

1

This section makes provision with respect to the application for the year of assessment of—

a

section 741,

b

section 741A, or

c

section 741C,

in the case of the individual and the relevant transactions.

2

In this section—

  • “new transaction” means a relevant transaction effected on or after the relevant date;

  • “old transaction” means a relevant transaction effected before the relevant date;

  • “the relevant date” means 5th December 2005;

  • “relevant transactions” means—

    1. a

      the transfer, and

    2. b

      any associated operations.

3

If all the relevant transactions are old transactions, section 741 is the provision to be applied.

4

If all the relevant transactions are new transactions, section 741A is the provision to be applied.

5

If—

a

any one or more of the relevant transactions are old transactions, and

b

any one or more of the relevant transactions are new transactions,

section 741C is the provision to be applied.