Section 837D Transfer of rights to paymentF1
This section applies if—
the company or its liquidator transfers for value to another person the right to receive a sum arising from the deposit-taking trade, and
the sum is one which, if received by the company or its liquidator, would be a winding up receipt.
If the transfer is at arm's length, this Chapter has effect as if the amount or value of the consideration for the transfer were a winding up receipt arising from the deposit-taking trade.
If the transfer is not at arm's length, this Chapter has effect as if the value of the right transferred as between parties at arm's length were a winding up receipt arising from the deposit-taking trade.
Annotations
Textual amendments
- F1
Pt. 14 Ch. 3A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 71 (with Sch. 9 paras. 1-9, 22)