Part 8Intangible fixed assets
Chapter 13Transactions between related parties
Transfers treated as being at market value
849Transfers involving gifts of business assets
1
This section applies if—
a
the asset is transferred to the company mentioned in section 845(1), and
b
on a claim for relief under section 165 of TCGA 1992 (relief for gifts of business assets) in respect of the transfer, a reduction is made under section 165(4)(a).
2
The transfer is treated for the purposes of this Part as being at market value, less the amount of the reduction.
3
Any necessary adjustments may be made, by way of assessment, amendment of returns or otherwise, regardless of any relevant time limits.