Section 716 Meaning of “relevant transfer” and “transfer”

(1)

A transfer is a relevant transfer for the purposes of this Chapter if—

(a)

it is a transfer of assets, and

(b)

as a result of—

(i)

the transfer,

(ii)

one or more associated operations, or

(iii)

the transfer and one or more associated operations,

income becomes payable to a person abroad.

(2)

In this Chapter “transfer”, in relation to rights, includes the creation of the rights.

(3)

For the meaning of “assets”, see section 717.

Notes on Chapter 2

C1: Pt. 13 Ch. 2 applied by 1988 c. 1, s. 762ZA (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)
C2: Pt. 13 Ch. 2 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 21
C3: Pt. 13 Ch. 2 modified (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 paras. 10(9), 11
C4: Pt. 13 Ch. 2 modified (retrospective to 6.4.2025 for the tax year 2025-26 and subsequent tax years) by Finance Act 2026 (c. 11), s. 53(1)-(7)(10)