Paragraph 15
United Kingdom
Any self-cancelling transaction or transaction with a connected person is a relevant transaction for the purposes of F1paragraphs 1, 3 and 7 above unless—
(a)
the transaction is entered into exclusively for bona fide commercial reasons; or
(b)
the obtaining of a tax advantage is not the main benefit that could reasonably be expected to arise from the entering into of the transaction.
Annotations
Textual amendments
- F1
Words in Sch. 22 para. 15(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 484(10) (with Sch. 2)
Notes on Schedule 22
Textual amendments
- F1
Words in Sch. 22 heading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 484(12) (with Sch. 2)