Income and Corporation Taxes Act 1988 (c. 1)

PART XVII U.K. TAX AVOIDANCE

CHAPTER III U.K. TRANSFER OF ASSETS ABROAD

[F1 741B Application of sections 741 and 741A U.K.

(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—

  (a)

  the transfer, and

  (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.]

Textual Amendments

F1 Ss. 741B, 741C inserted (5.12.2005) by Finance Act 2006 (c. 25), Sch. 7 para. 4