Section 964 — Corporation Tax Act 2009: Transfers of assets etc treated as payments

Transfers of assets etc treated as payments 964 1 For the purposes of this Chapter—

a a transfer of assets, or b the appropriation of assets by personal representatives to themselves, is treated as the payment of an amount equal to the assets' value at the date of transfer or appropriation.

2 The set off or release of a debt is treated for the purposes of this Chapter as the payment of an amount equal to it.

3 If at the end of the administration period—

a there is an obligation to transfer assets to any person, or b personal representatives are entitled to appropriate assets to themselves, an amount equal to the assets' value at that time is treated as payable then for the purposes of this Chapter.

4 If at the end of the administration period—

a there is an obligation to release or set off a debt owed by any person, or b personal representatives are entitled to release or set off a debt in their own favour, a sum equal to the debt is treated as payable then for the purposes of this Chapter.