Income Tax (Trading and Other Income) Act 2005 section 566

When transactions are related

Section 566 defined when transactions were treated as related to each other for the purposes of the settlements legislation in Chapter 12, but this section was removed from the tax year 2013–14 onwards.

• Section 566 formed part of Chapter 12 (sections 555–569), which dealt with settlements and the taxation of income arising from them.
• The section set out the rules for determining when two or more transactions were to be regarded as related, which was relevant to identifying whether arrangements constituted a settlement.
• The entire Chapter 12, including section 566, was repealed by the Finance Act 2013 with effect from the 2013–14 tax year onwards.
• For tax years prior to 2013–14, the provisions of section 566 would still have applied to determine whether transactions were related for the purposes of the settlements code.