Income Tax Act 2007

[F1 98A Denial of relief for tax-generated payments or events U.K.

(1) Post-cessation trade relief is not available to a person in respect of a payment or an event which is made or occurs directly or indirectly in consequence of, or otherwise in connection with, relevant tax avoidance arrangements (and, accordingly, no section 261D claim may be made in respect of the payment or event).

(2) For this purpose “relevant tax avoidance arrangements” means arrangements—

(a) to which the person is a party, and

(b) the main purpose, or one of the main purposes, of which is the obtaining of a reduction in tax liability as a result of the availability of post-cessation trade relief (whether by making a claim for that relief or a section 261D claim).

(3) In this section—

(a) “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and

(b) “section 261D claim” means a claim under section 261D of TCGA 1992.]

Textual Amendments

F1 S. 98A inserted (17.7.2012) (with effect in accordance with s. 9(5)(7)(8) of the amending Act) by Finance Act 2012 (c. 14), s. 9(3)