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Income Tax (Trading and Other Income) Act 2005

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Changes over time for: Section 566

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Version Superseded: 17/07/2013

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Point in time view as at 07/04/2005. This version of this provision has been superseded.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, Section 566. Help about Changes to Legislation

566When transactions are relatedU.K.
This section has no associated Explanatory Notes

(1)For the purposes of this Chapter, two or more transactions are related if all of them are entered into in pursuance of the same scheme or arrangements.

(2)For this purpose the cases where any two or more transactions are to be taken to be entered into in pursuance of the same scheme or arrangements include any case where it would be reasonable to assume from one or more of the matters specified in subsection (3) that none of them would have been entered into independently of the others.

(3)The matters are—

(a)the likely effect of the transactions,

(b)the circumstances in which the transactions are entered into, and

(c)the circumstances in which any one of the transactions is entered into.

(4)Nothing in this Chapter prevents transactions from being related transactions just because they are transactions—

(a)with different parties, or

(b)with parties different from the parties to the scheme or arrangements in pursuance of which they are entered into.

(5)In the case of a transaction which is a disposal, the references in this section to entering into the transaction are references to making the disposal.

(6)In this section “scheme or arrangements” includes schemes, arrangements and understandings of any kind, whether or not they are legally enforceable.

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