739Meaning of “proceeds of realisation”U.K.
(1)In this Part “proceeds of realisation” of an asset means the amount recognised for accounting purposes as the proceeds of realisation, less the amount so recognised as incidental costs of realisation.
[F1(1A)But if the realisation involved the receipt of something other than money, subsection (1) has effect as if the reference to the amount recognised for accounting purposes as the proceeds of realisation were a reference to the amount that would have been so recognised had the receipt been a receipt of a sum of money equal to the price the thing concerned might reasonably have been expected to fetch on a sale in the open market.]
(2)The amounts referred to in subsection (1) are subject to any adjustments required by this Part or [F2Part 4 of TIOPA 2010] (provision not at arm's length).
Textual Amendments
F1S. 739(1A) inserted (with application in accordance with s. 20(2) of the amending Act) by Finance Act 2018 (c. 3), s. 20(1)
F2Words in s. 739(2) substituted (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. 8 para. 145(1), (2) (with Sch. 9 paras. 1-9, 22)