Income Tax Act 2007 section 736

Exemptions: introduction

Section 736 introduces the exemptions available from the transfer of assets abroad charge and explains how transaction timing affects which exemption may apply.

• Sections 737 to 742 set out the various exemptions from liability under the transfer of assets abroad rules.
• The available exemption depends on when the relevant transactions took place — specifically whether they were all before 5 December 2005, all on or after that date, or a mixture of both.
• A "post-4 December 2005 transaction" means a relevant transaction carried out on or after 5 December 2005, and a "pre-5 December 2005 transaction" means one carried out before that date.
• These definitions are used consistently throughout sections 736 to 742 when determining which exemption regime applies.