Income Tax (Trading and Other Income) Act 2005 section 569

Anti-avoidance: transfer of assets abroad

Section 569, which formerly dealt with anti-avoidance rules relating to the transfer of assets abroad in the context of accrued income profits, was removed from the legislation with effect from the 2013–14 tax year onwards.

• Section 569 was part of Chapter 12 (sections 555–569) of ITTOIA 2005, which addressed the accrued income scheme
• The entire Chapter 12, including section 569, was omitted by Finance Act 2013
• The repeal was enacted under Finance Act 2013, section 28 and Schedule 12, paragraph 13(2)
• The omission took effect from the tax year 2013–14 and applies to all subsequent tax years