Part VTransfer of business assets

Chapter IIGifts of business assets

166Gifts to non-residents

1

Section 165(4) shall not apply where the transferee is neither resident nor ordinarily resident in the United Kingdom.

2

Section 165(4) shall not apply where the transferee is an individual or a company if that individual or company—

a

though resident or ordinarily resident in the United Kingdom, is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and

b

by virtue of the arrangements would not be liable in the United Kingdom to tax on a gain arising on a disposal of the asset occurring immediately after its acquisition.