147(1)Amend section 846 (intangible fixed assets: transfers not at arm's length) as follows.U.K.
(2)In subsection (1)(a) for “Schedule 28AA to ICTA” substitute “ Part 4 of TIOPA 2010 ”.
(3)In subsection (1)(b) for “that Schedule” substitute “ that Part ”.
(4)In subsection (2) for “within that Schedule” substitute “ within that Part ”.
(5)For subsection (2)(a) substitute—
“(a)the condition in section 147(1)(a) of TIOPA 2010 is met,
(aa)the participation condition is met (see subsection (2A)), and”.
(6)After subsection (2) insert—
“(2A)Section 148 of TIOPA 2010 (when the participation condition is met) applies for the purposes of subsection (2)(aa) as it applies for the purposes of section 147(1)(b) of TIOPA 2010.”
(7)In subsection (3) for the words after “meaning” substitute “ as in that Part (see, respectively, sections 149 and 151 of TIOPA 2010) ”.