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Income Tax Act 2007

Section 554: Transactions: exceptions

1661.This section specifies exceptions to the transactions caught by section 549. It is based on section 505B of ICTA.

1662.In particular, the section carves out of the substantial donor provisions transactions of an ordinary commercial nature.

1663.References to “the Commissioners for Her Majesty’s Revenue and Customs” and “the Commissioners” have been replaced with references to “an officer of Revenue and Customs”. See Change 5 in Annex 1 and the commentary on section 551.

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