Section 170 Meaning of “sale” and related expressions

In sections 164 to 167 (except in section 167(5)) references to a sale include a transfer for valuable consideration.

In relation to a transfer which is not a sale—

• “amount realised on the sale” means the value of the consideration given for the transfer,

• “buyer” means the person to whom the transfer is made, and

• “seller” means the person who makes the transfer.