Corporation Tax Act 2010 section 757

Interpretation of Chapter

Section 757 defines what counts as a "transfer" of an asset for the purposes of the income streams chapter, extending the meaning well beyond straightforward sales to include leases, licence disposals, intellectual property transactions, and arrangements involving partnerships and trusts.

• Granting or surrendering a land lease, disposing of an oil licence interest, or granting or disposing of an interest in pre-FA 2002 intellectual property are all treated as transfers of the underlying asset.
• "Transfer" is broadly defined to include sale, exchange, gift, assignment, and any other arrangement that is in substance equivalent to a transfer.
• Transfers to or by a partnership of which the transferor or transferee is a member, and transfers to the trustees of a trust of which the transferor is a beneficiary, fall within the scope of the chapter.
• The Treasury has the power to extend the definition further by order, so that additional types of transaction can be treated as asset transfers for these purposes.