Part 13Tax avoidance
Chapter 5BFinance arrangements
F1Supplementary
809BZQAccounts
(1)
This section applies for the purposes of this Chapter.
(2)
A reference to the accounts of a person includes (if the person is a company) a reference to the consolidated group accounts of a group of companies of which it is a member.
(3)
In determining whether accounts record an amount as a financial liability in respect of an advance, assume that the period in which the advance is received ended immediately after the receipt of the advance.
(4)
If a person does not draw up accounts in accordance with generally accepted accounting practice, assume that the person drew up the accounts in accordance with that practice.
809BZRArrangements
A reference in this Chapter to an arrangement includes a reference to an agreement or understanding (whether or not legally enforceable).
809BZSAssets
(1)
This section applies for the purposes of this Chapter.
(2)
A reference to a person receiving an asset includes—
(a)
a reference to the person obtaining (directly or indirectly) the value of an asset or otherwise deriving (directly or indirectly) a benefit from it, and
(b)
a reference to the discharge (in whole or part) of a liability of the person.
(3)
A reference to a disposal of an asset includes a reference to anything constituting a disposal of it for the purposes of TCGA 1992.
(4)
A reference to payments in respect of an asset includes—
(a)
a reference to payments in respect of another asset substituted for it under the arrangement, and
(b)
a reference to obtaining (directly or indirectly) the value of an asset or otherwise deriving (directly or indirectly) a benefit from it.