Corporation Tax Act 2009 section 928

Exchanges

Section 928 extends the meaning of "sale" throughout Part 9 so that it also covers exchanges of property, including disposals of know-how, and adjusts related references accordingly.

• Wherever Part 9 refers to a sale of property, this includes an exchange of property
• Property includes know-how, and a sale of property includes a disposal of know-how
• References to proceeds of sale or price include the consideration received on an exchange
• References to capital sums within proceeds of sale include the portion of exchange consideration that would have been a capital sum had it been a cash payment