Section 739 Exemption: all relevant transactions pre-5 December 2005 transactions
This section applies if all the relevant transactions are pre-5 December 2005 transactions.
An individual is not liable for income tax under this Chapter for the tax year by reference to the relevant transactions if the individual satisfies an officer of Revenue and Customs that condition A or B is met.
Condition A is that the purpose of avoiding liability to taxation was not the purpose, or one of the purposes, for which the relevant transactions or any of them were effected.
Condition B is that the transfer and any associated operations—
were genuine commercial transactions, and
were not designed for the purpose of avoiding liability to taxation.
Notes on Chapter 2
Modifications
- 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)