SCHEDULES

SCHEDULE 7Transfer of assets abroad

Income and Corporation Taxes Act 1988

Section 741: application subject to sections 741B and 741C

2

(1)

Section 741 (exemption from sections 739 and 740) is amended as follows.

(2)

At the beginning of the section insert “ (1) ”.

(3)

At the end of the section insert—

“(2)

This section is subject to sections 741B and 741C (application of this section and section 741A etc).”.

(4)

In consequence of amendments made by this Schedule, the heading of the section becomes “ Exemption from sections 739 and 740 (transactions before 5th December 2005) ”.

(5)

The amendments made by this paragraph shall be taken to have come into force on 5th December 2005.