Section 849 — Corporation Tax Act 2009: Transfers involving gifts of business assets

Transfers involving gifts of business assets 849 1 This section applies if—

a the asset is transferred to the company mentioned in section 845(1),

and b on a claim for relief under section 165 of TCGA 1992 (relief for gifts of business assets) in respect of the transfer, a reduction is made under section 165(4)(a).

2 The transfer is treated for the purposes of this Part as being at market value, less the amount of the reduction.

3 Any necessary adjustments may be made, by way of assessment, amendment of returns or otherwise, regardless of any relevant time limits.