Chapter 1: Transfers of income streams
Overview
2281.This Chapter is concerned with transfers of income streams. It is based on paragraphs 1 to 6 of Schedule 25 to FA 2009.
Sections 752 to 757: Application of Chapter; value of transferred income treated as income; exception: amount otherwise taxed; exception: transfer by way of security; partnership shares; interpretation
2282.These sections are concerned with transfers of income streams. They are based on paragraphs 1 to 6 of Schedule 25 to FA 2009. They replicate the source legislation, except in two respects.
2283.First, the statutory references have been updated. In consequence, section 755 (exception: transfer by way of security) is worded differently from the source legislation, paragraph 4 of Schedule 25 to FA 2009. But it has the same effect.
2284.Second, section 757 (interpretation) omits the express Scottish modifications in the source legislation, paragraph 6 of Schedule 25 to FA 2009, because section 1166(1) provides that in the application of the Corporation Tax Acts to Scotland “assignment” means assignation and “surrender” includes renunciation.
