# Corporation Tax Act 2010, Section 776: Assets

Extent: E+W+S+N.I.

(1) This section applies for the purposes of this Chapter.
(2) A reference to a person receiving an asset includes—
(a) a reference to the person obtaining (directly or indirectly) the value of an asset or otherwise deriving (directly or indirectly) a benefit from it, and
(b) a reference to the discharge (in whole or part) of a liability of the person.
(3) A reference to a disposal of an asset includes a reference to anything constituting a disposal of it for the purposes of TCGA 1992.
(4) A reference to payments in respect of an asset includes—
(a) a reference to payments in respect of another asset substituted for it under the arrangement, and
(b) a reference to obtaining (directly or indirectly) the value of an asset or otherwise deriving (directly or indirectly) a benefit from it.

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Source: https://www.legislation.gov.uk/ukpga/2010/4/section/776 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2010/section-776
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.