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There are currently no known outstanding effects for the Income Tax Act 2007, Section 809AZA.
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(1)This Chapter applies where—
(a)a person within the charge to income tax (“the transferor”) makes a transfer to another person (“the transferee”) of a right to relevant receipts (see subsection (2)), and
(b)(subject to subsection (3)) the transfer of the right is not a consequence of the transfer to the transferee of an asset from which the right to relevant receipts arises.
(2)“Relevant receipts” means any income—
(a)which (but for the transfer) would be charged to income tax as income of the transferor, or
(b)which (but for the transfer) would be brought into account in calculating profits of the transferor for the purposes of income tax.
(3)Despite paragraph (b) of subsection (1), this Chapter applies if the transfer of the right is a consequence of the transfer to the transferee of all rights under an agreement for annual payments; and for the purposes of that paragraph the transfer of an asset under a sale and repurchase agreement is not to be regarded as a transfer of the asset.
(4)Section 809AZB makes provision as to the consequences of this Chapter applying.
(5)For exclusions from this Chapter, see—
(a)section 809AZC (amount otherwise taxed),
(b)section 809AZD (certain annuities), and
(c)section 809AZE (transfer by way of security).
(6)Section 809AZF makes special provision about transfers of partnership shares.
(7)Section 809AZG contains supplementary provisions.]
Textual Amendments
F1Pt. 13 Ch. 5A inserted (with effect in accordance with Sch. 25 para. 10 of the amending Act) by Finance Act 2009 (c. 10), Sch. 25 para. 7
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