Income Tax Act 2007 section 809BZS

Assets

Section 809BZS 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 the transfer of assets abroad chapter.

• "Receiving an asset" includes obtaining the value of an asset or deriving a benefit from it (directly or indirectly), as well as having a liability wholly or partly discharged
• "Disposal of an asset" includes anything that would constitute a disposal for capital gains tax purposes under TCGA 1992
• "Payments in respect of an asset" extends to payments relating to a substitute asset swapped under the arrangement
• "Payments in respect of an asset" also covers obtaining the value of, or deriving a benefit from, an asset, whether directly or indirectly