Section 573 Transfers treated as salesC1 C2

United Kingdom

(1)

This section applies for the purposes of Parts F12A, F2... 3A... F3... and 10 and other provisions of this Act relevant to those Parts if—

(a)

there is a transfer of the interest which is the relevant interest for the purposes of the Part in question, and

(b)

the transfer is not a sale.

(2)

The transfer is treated as a sale of the relevant interest.

(3)

The sale is treated as being at market value, subject to any election under section 569 (election to treat sale as being for alternative amount).

(4)

This section does not apply if section 561 applies (F4transfer or division of UK business).

Annotations

F1: Word in s. 573(1) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 3(14)
F2: Word in s. 573(1) omitted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 18
F3: Word in s. 573(1) omitted (with effect in accordance with Sch. 39 para. 40 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 38(7) (with Sch. 39 paras. 41, 42)
F4: Words in s. 573(4) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 10(8) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

C1: S. 573 excluded (E.W.S.) (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 15(2); S.I. 2005/1444, art. 2(1), Sch. 1
C2: S. 573 excluded (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 10(2)