{
  "url": "https://openlegislation.uk/finance-act-2022/schedule-10/paragraph-42",
  "json_url": "https://openlegislation.uk/finance-act-2022/schedule-10/paragraph-42.json",
  "legislation": "ukpga/2022/3",
  "legislation_title": "Finance Act 2022",
  "legislation_url": "https://openlegislation.uk/finance-act-2022",
  "path": "schedule/10/paragraph/42",
  "kind": "paragraph",
  "number": "42",
  "heading": "Interpretation of Schedule",
  "text": "(1) In this Schedule—\n“adjusted value” is to be construed in accordance with paragraph 3;\n“asset” is to be construed in accordance with paragraph 1(10);\n“company” means a body corporate;\n“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);\n“discovery assessment” is to be construed in accordance with paragraph 18(1);\n“disposal” is to be construed in accordance with paragraph 1(10);\n“disqualifying period” is to be construed in accordance with paragraph 4(4);\n“disqualifying steps” is to be construed in accordance with paragraph 1;\n“fair value”, in relation to an asset held by a person (“P”), means the amount which, at the time as at which the value is to be determined, is the amount which P would obtain from an independent person dealing at arm’s length for—\n(a)in the case of an asset comprising rights and liabilities, the transfer of P’s rights under the asset and the release of all P’s liabilities under it, or\n(b)in any other case, the transfer of the asset;\n“principal taxpayer” is to be construed in accordance with (as the case may require) paragraph 4(1), 5(1) or 5(2);\n“public interest business” is to be construed in accordance with paragraph 2(1);\n“qualifying purpose” is to be construed in accordance with paragraph 1;\n“special measures” is to be construed in accordance with paragraph 2(3);\n“tax” (except where the context otherwise requires) means public interest business protection tax;\n“the Taxes Acts” has the meaning given by section 118(1) of TMA 1970;\n“the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.\n(2) For the purposes of this Schedule—\n(a) whether a person is connected with another person is to be determined in accordance with section 1122 of CTA 2010, and\n(b) whether a person controls a company is to be determined in accordance with section 1124(2) of that Act.\n(3) Subsections (5) to (7) of section 118 of TMA 1970 (meaning of references to bringing about loss of tax or situation carelessly or deliberately) apply for the purposes of this Schedule as they apply for the purposes of that Act.\n(4) The Treasury may by regulations make further provision about the meaning and application of “fair value” in cases specified in the regulations.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2022/3/schedule/10/paragraph/42",
    "retrieved_at": "2026-10-29T08:57:50.927298+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}