Taxation (International and Other Provisions) Act 2010

121Tax treated as chargeable in respect of relevant transactionsU.K.
This section has no associated Explanatory Notes

(1)This Part applies, and any double taxation arrangements apply, as if the tax that would have been chargeable as mentioned in section 120(1) had been chargeable.

(2)In calculating tax notionally chargeable under subsection (1), it is to be assumed—

(a)that, to the extent permitted by the law of the F1... member State mentioned in section 120(1), losses arising on the relevant transfer are set against profits arising on it, and

(b)that any relief available under that law is claimed.

(3)In this section “the relevant transfer” means—

(a)the transfer of assets or liabilities mentioned in section 120(5)(a) or (b),

(b)the transfer of rights and liabilities mentioned in section 120(5)(c) or (d), or

(c)the transfer of intangible fixed assets mentioned in section 120(5)(e) or (f).

Textual Amendments