C1C4C3C5C7C2C6Part 8Intangible fixed assets
Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
Chapter 13Transactions between related parties
Transfers treated as being at market value
847Transfers involving other taxes
1
This section applies if—
a
in a case where section 845(1) applies and the asset is transferred from the company to a related party, the transfer is at less than its market value,
b
in a case where that section applies and the asset is transferred to the company from the related party, the transfer is at more than its market value, and
c
conditions A and B apply.
2
Condition A is that the related party—
a
is not a company, or
b
is a company in relation to which the asset is not a chargeable intangible asset immediately after the transfer to it or, as the case may be, immediately before the transfer from it.
3
Condition B is that the transfer—
a
gives rise to an amount to be taken into account in calculating any person's income, profits or losses for tax purposes because of a relevant provision, or
b
would do so apart from section 845(1).
4
If this section applies, section 845(1) does not apply in relation to the calculation referred to in subsection (3) for the purposes of any relevant provision.
5
In this section “relevant provision” means—
a
F1Chapter 2 of Part 23 of CTA 2010 (matters which are distributions), except section 1000(2), and
b
Part 3 of ITEPA 2003 (employment income: earnings and benefits etc treated as earnings).
Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)