Income Tax (Trading and Other Income) Act 2005 section 571

Meaning of "foreign holdings" etc.

Section 571 defined the term "foreign holdings" and related expressions for the purposes of the rules on transfers of assets abroad, but this section has been removed from the legislation for transfers taking place on or after 22 April 2009.

• Section 571 provided definitions of "foreign holdings" and associated terms used within Chapter 13 of the Act (sections 570–573).
• Chapter 13 dealt with the tax treatment of transfers of assets abroad, an area of anti-avoidance legislation.
• The entire chapter, including section 571, was repealed by the Finance Act 2009 for any transfers occurring on or after 22 April 2009.
• For any transfers that took place before 22 April 2009, the original definitions in section 571 may still be relevant when considering historic tax positions.

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