Part 14Income tax liability: miscellaneous rules
F1Chapter 3ABanks etc in compulsory liquidation
Annotations:
Amendments (Textual)
837DTransfer of rights to payment
1
This section applies if—
a
the company or its liquidator transfers for value to another person the right to receive a sum arising from the deposit-taking trade, and
b
the sum is one which, if received by the company or its liquidator, would be a winding up receipt.
2
If the transfer is at arm's length, this Chapter has effect as if the amount or value of the consideration for the transfer were a winding up receipt arising from the deposit-taking trade.
3
If the transfer is not at arm's length, this Chapter has effect as if the value of the right transferred as between parties at arm's length were a winding up receipt arising from the deposit-taking trade.
Pt. 14 Ch. 3A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 71 (with Sch. 9 paras. 1-9, 22)