Income Tax Act 2007

[F1 681DI Disposal of interest to associate U.K.

(1) This section applies for the purposes of this Chapter if a person disposes of an interest in an asset to a person who is the first person's associate (and the interest may be the lessee's interest in a lease of the asset or the lessor's interest or any other interest).

(2) The person disposing of the interest must be treated as obtaining in respect of it the greatest of—

(a) the sum in fact obtained by the person,

(b) the value of the interest in the open market, and

(c) the value of the interest to the person to whom it is in effect transferred.

(3) The disposal—

(a) may be direct or indirect, and

(b) may be effected by a transaction or series of transactions described in section 681DG(b) or 681DH(3).]

Textual Amendments

F1 Pt. 12A Ch. 4 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 4 para. 5 (with Sch. 9 paras. 1-9, 22)