Corporation Tax Act 2010 section 776

Assets

Section 776 defines how the terms "receiving an asset", "disposal of an asset" and "payments in respect of an asset" are to be interpreted for the purposes of this Chapter.

• Receiving an asset includes obtaining its value directly or indirectly, deriving any benefit from it, or having a liability discharged in whole or part.
• Disposal of an asset covers anything that would constitute a disposal under the Taxation of Chargeable Gains Act 1992.
• Payments in respect of an asset extend to payments relating to a substitute asset provided under the arrangement, as well as obtaining value or deriving benefit from the asset.
• All three definitions are deliberately broad, catching indirect as well as direct ways of extracting value from an asset.