849Transfers involving gifts of business assets
This section has no associated Explanatory Notes
(1)This section applies if—
(a)the asset is transferred to the company mentioned in section 845(1), and
(b)on a claim for relief under section 165 of TCGA 1992 (relief for gifts of business assets) in respect of the transfer, a reduction is made under section 165(4)(a).
(2)The transfer is treated for the purposes of this Part as being at market value, less the amount of the reduction.
(3)Any necessary adjustments may be made, by way of assessment, amendment of returns or otherwise, regardless of any relevant time limits.