Corporation Tax Act 2009 section 72A

Relevant non-lending relationships: discounts on disposals before 22 March 2006

Section 72A modifies the rules in section 480 (which deals with relevant non-lending relationships involving discounts) for disposals of property that took place before 22 March 2006.

• This transitional provision applies where a money debt arises from the sale or disposal of property made before 22 March 2006
• For such pre-22 March 2006 disposals, the normal conditions A and B in section 480 do not apply
• Instead, the only requirement is that the property disposed of is neither an asset representing a loan relationship nor a derivative contract
• Subsections (2) to (4) of section 480, which set out conditions A and B and related provisions, are disregarded for these earlier disposals