Section GC 7 — Income Tax Act 2007: Excess amount payable by person

GC 7 Excess amount payable by person If the amount of consideration payable by a person (the taxpayer ) under a transfer pricing arrangement is more than an arm’s length amount, an amount equal to the arm’s length amount is treated as the amount payable by the taxpayer for the purposes of the calculation of their income tax liability for a tax year. Defined in this Act: amount , arrangement , income tax liability , tax year , taxpayer , transfer pricing arrangement , Compare: 2004 No 35 s GD 13(3)