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Income Tax (Trading and Other Income) Act 2005

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Changes over time for: Paragraph 27

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Version Superseded: 19/07/2006

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Status:

Point in time view as at 07/04/2005. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Paragraph 27. Help about Changes to Legislation

This section has no associated Explanatory Notes

27(1)Amend section 43C (transfer of rent: exceptions, etc.) as follows.

(2)In subsection (3)—

(a)omit “or” at the end of paragraph (a), and

(b)after paragraph (b) insert—

(c)section 284 of ITTOIA 2005 applies, or

(d)that section would apply if the price at which an estate or interest is sold were to exceed the price at which it is to be reconveyed.

(3)After subsection (4) insert—

(4A)If—

(a)section 285 of ITTOIA 2005 would apply in relation to a finance agreement, and

(b)section 43B applies in relation to the agreement,

section 285 of ITTOIA 2005 shall not apply.

(4)In subsection (6)—

(a)after “brought into account” insert—

(a), and

(b)at the end insert or

(b)in computing under Chapter 2 of Part 2 of ITTOIA 2005 the profits of a trade carried on wholly or partly in the United Kingdom.

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